Homework Answers
Correct answer - (D) $113565
A long term asset like machinery is capitalized on the balance sheet at the time of purchase and this value is its cost basis which includes all expenses which bring the asset to make it in use and further on it will be depreciated over the time of use.
The cost basis of the machine:
- = Purchase price + Transportation costs + Installation costs + Special acquisition fees
- = $95758+$9679+$5439+$2689
- = $113565
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