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Granite Company purchased a machine costing $134,000, terms 3/10, n/30. The machine was shipped FOB shipping...

Granite Company purchased a machine costing $134,000, terms 3/10, n/30. The machine was shipped FOB shipping point and freight charges were $3,400. The machine requires special mounting and wiring connections costing $11,400. When installing the machine, $2,900 in damages occurred. Compute the cost recorded for this machine assuming Granite paid within the discount period.

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Answer #1

Cost recorded for machine

= Net purchase price + Freight + Installation

= (134,000-3%) + 3,400 + 11,400

= 144,780
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