On March 1, Wright Company purchased new equipment for $50,500 by paying cash. Other costs associated with the equipment were: transportation costs, $1,100; sales tax paid $3,100; and installation cost, $2,600. At what amount will the equipment be recorded on a balance sheet?
Multiple Choice
$57,300.
$50,500.
$51,600.
$54,700.
Cost of equipment = Purchase price + Transportation + Sales tax + Installation ="50,500 + 1100 + 3100 + 2600 = 57,300 |
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On March 1, Wright Company purchased new equipment for $50,500 by paying cash. Other costs associated...
On March 1, Wright Company purchased new equipment for $50,000 by paying cash. Other costs associated with the equipment were: transportation costs, $1,000; sales tax paid $4,000; and installation cost, $2,500. At what amount will the equipment be recorded on a balance sheet? O $51,000 O $53,500. O $54,000 $57,500.
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