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- The following data relate to a firm's purchase of a machine used in the manufacture of its product: Invoice price Applicable sales tax Cash discount taken for prompt payment Freight paid Cost of insurance coverage on machine while in transit Installation costs Testing and adjusting costs Repair of damages to machine caused by the firm's employees Prepaid maintenance contract for first year of machine's use $30,000 2,000 400 260 125 3,000 475 750 300 Determine the acquisition cost of the machine. Acquisition Cost $ 0The following data relate to a firm's purchase of a machine used in the manufacture of its product: Invoice price Applicable sales tax Cash discount taken for prompt payment Freight paid Cost of insurance coverage on machine while in transit Installation costs Testing and adjusting costs Repair of damages to machine caused by the firm's employees Prepaid maintenance contract for first year of machine's use $30,00o 2,000 400 260 125 3,000 475 750 300 Determine the acquisition cost of the machine. 个 Acquisition Cost-The following data relate to a firm's purchase of a machine used in the manufacture of its product: Invoice price Applicable sales tax Cash discount taken for prompt payment Freight paid Cost of insurance coverage on machine while in transit Installation costs Testing and adjusting costs Repair of damages to machine caused by the firm's employees750 Prepaid maintenance contract for first year of machine's use $30,000 2,000 400 260 125 3,000 475 300 Determine the acquisition cost of the machine.
- ABC Ltd. Incurred the following costs related to the purchase of a machine: $10,500 Invoice price Insurance during transit Pouring cement slab on which the machine must be mounted Interest expense on debt used to buy the asset Shipping costs Annual service contract cost ö $14,600 $12,100 What is the amount capitalized to the balance sheet for the machine? $11,800 200 $13,600 1,000 2,500 100 300The following data relate to a firm's purchase of a machine used in the manufacture of its product: Invoice price $20,000 Applicable sales tax Cash discount taken for prompt payment 1,200 400 Freight paid 260 Cost of insurance coverage on machine while in transit 125 Installation costs 1,000 Testing and adjusting costs 475 Repair of damages to machine caused by the firm's employees 550 Prepaid maintenance contract for first year of machine's use 300 Determine the acquisition cost of the machine. $ 23,510Adama Company incurred the following costs.Indicate to which account Adama would debit each of the costs. 1. Sales tax on factory machinery purchased $ 5,000 Select the account to be debited Land ImprovementsLandPrepaid InsuranceBuildingEquipment 2. Painting of and lettering on truck immediately upon purchase 700 Select the account to be debited Prepaid InsuranceBuildingLand ImprovementsLandEquipment 3. Installation and testing of factory machinery 2,000 Select the account to be debited Prepaid InsuranceBuildingLandEquipmentLand Improvements 4. Real estate broker’s commission on land purchased 3,500 Select the account to be debited Prepaid InsuranceBuildingLandEquipmentLand Improvements 5. Insurance premium paid for first year’s insurance on new truck 880 Select the account to be debited EquipmentPrepaid InsuranceLand ImprovementsBuildingLand 6. Cost of landscaping on property purchased 7,200 Select the…
- Mad Hatter Enterprises purchased new equipment for $362,000, terms f.o.b. shipping point. Other costs connected with the purchase were as follows: State sales tax Freight costs Insurance while in transit Insurance after equipment placed in service Installation costs Insurance for the first year of operations Testing $28,900 5, 300 770 1,170 1,850 2, 250 670 Required: Determine the capitalized cost of the equipment. Cost of equipmentWrite CAPITALIZED if the subsequent cost incurred SHALL FORM PART of the carrying amount of the PPE or EXPENSED OUTRIGHT if the subsequent cost incurred SHALL NOT FORM PART of the carrying amount of the PPE. Rearranged the production PPEs in Factory B for P 400,000 to accommodate a newly purchased equipment that will make the production process faster and more efficient. Repaired one of the machineries for P 350,000 as part of factory’s annual examination. Repaired another machinery for P 275,000 to prolong its remaining useful life from five years to seven years. Replaced a significant part of a production equipment for P 900,000. The equipment has an original cost of P 4,000,000 and accumulated depreciation as of date P 1,000,000. The part replaced represented 20% of the carrying amount and it was sold for a very nominal amount.The information provided to you is as follows: Purchase of machinery (!/9/2019) instead of € 32,400 with cash was registered as a purchase of different materials of equal value. The result of the error was to calculate and recognize the consumption of the various materials (theentire amount of the various materials) and not to calculate the depreciation of the machines (annual depreciation 3.240 €). Correction of accounting error is carried out 1/1/2020. The correction record is requested a) if the error was found in the fiscal year (2020) and b) if the error was found in the next financial year (2021) i.e. the error while the correction entry was made in 2020 takes place on 1/1/2021.
- Phoenix Co. acquired a large piece of specialized machinery used in its manufacturing process. The following costs were incurred in connection with the aquisition: Finder's fee $2,000 List price $230,000 Transportation fee $4,000 Speeding ticket during transportation $65 Installation fee $2,500 Cost to repair a door damaged during installation $1,200 Required: Which of the costs incurred by Phoenix Co. should be capitalized to the machinery account?Adama Company incurred the following costs.Indicate to which account Adama would debit each of the costs. 1. Sales tax on factory machinery purchased $5,000 Select the account to be debited Prepaid InsuranceLand ImprovementsLandEquipmentBuilding 2. Painting of and lettering on truck immediately upon purchase 700 Select the account to be debited EquipmentPrepaid InsuranceLandLand ImprovementsBuilding 3. Installation and testing of factory machinery 2,000 Select the account to be debited BuildingLandLand ImprovementsPrepaid InsuranceEquipment 4. Real estate broker’s commission on land purchased 3,500 Select the account to be debited BuildingPrepaid InsuranceLand ImprovementsEquipmentLand 5. Insurance premium paid…A elearning.act.edu.om Muscat LLC purchased a machine on 1st January, 2019 for OMR 250,000. The rate of depreciation is 20% p.a. under straight line method. Replacement Cost of the machine on 31st December,2019 was OMR 350,000 and on 31st December, 2020 was OMR 500,000. The company wishes to follow Current Cost Accounting rather than the Historical Cost Accounting. a. What is the amount of Depreciation Adjustment? b. What is the amount of Additional Depreciation? C. What is the amount of Back Log Depreciation?
