Acquisition Cost
Cox Company recently purchased a machine by paying $8,500 cash and signing a 6-month, 10% note for $10,000. In addition to the purchase price, Cox incurred the following costs related to the machine: freight charges, $800; interest charges, $500; special foundation for machine, $400; installation costs, $1,100.
Required:
Determine the cost of the machine.
Use the following information for Cornerstone Exercises 7-19 through 7-21:
Irons Delivery Inc. purchased a new delivery truck for $45,000 on January 1, 2019. The truck is expected to have a $3,000 residual value at the end of its 5-year useful life.
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