Peak, Inc., acquired a machine that involved the followingexpenditures and related factors:Gross invoice priceSales taxCash discount takenFreightAssembly of machineInstallation of machineRepair of machine damage causedduring installationTuning and adjusting machinebefore useA) $68,352The initial accounting cost of the machine should be:B) $63,232C) $56,032$54,4003,5201,0881,9201,6002,4005,120D) $64,0321,280

Particular Amount Gross invoice $54,400 Sale tax $3,520 Cash discount ($1,088) Freight…

Answered: 032 | bartleby

Business

Accounting

032

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Peak, Inc., acquired a machine that involved the following
expenditures and related factors:
Gross invoice price
Sales tax
Cash discount taken
Freight
Assembly of machine
Installation of machine
Repair of machine damage caused
during installation
Tuning and adjusting machine
before use
A) $68,352
The initial accounting cost of the machine should be:
B) $63,232
C) $56,032
$54,400
3,520
1,088
1,920
1,600
2,400
5,120
D) $64,032
1,280

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