3. On February 25, Browne Company acquired four pieces of machinery for a lump sum of $693,750. The company then paid $30,450 to have the machines installed. Hint: Because the company could not have used the machines if they had not been installed, the cost to install them would be included in their carrying value on the company's books (i.e., you should capitalize, not expense, the installation cost). Based on an outside appraisal, the individual values of the machines were: Machine 1 Machine 2 $ 234,300 319 500

3. On February 25, Browne Company acquired four pieces of machinery for a lump sum of $693,750. The company then paid $30,450 to have the machines installed. Hint: Because the company could not have used the machines if they had not been installed, the cost to install them would be included in their carrying value on the company's books (i.e., you should capitalize, not expense, the installation cost). Based on an outside appraisal, the individual values of the machines were: Machine 1 Machine 2 $ 234,300 319 500

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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