Beaverton Lumber purchased a milling machine for $47,000. In addition to the purchase price, Beaverton made the followin...
Beaverton Lumber purchased a milling machine for $47,000. In
addition to the purchase price, Beaverton made the following
expenditures: freight, $2,700; installation, $4,200; testing,
$3,200; personal property tax on the machine for the first year,
$1,100.
What is the initial cost of the machine?
Homework Answers
Solution:
Initial cost of machine = Purchase price + Freight + Installation + Testing
= $47,000 + $2,700 + $4,200 + $3,200
= $57,100
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