Major Manufacturing purchased a machine with a contract price of $300,000 and cash terms of 3/10, n/30, on August 28, 2013. The company paid $8,000 in transportation costs and $6,000 for installation. Sales taxes of $21,000 were paid on the invoice amount. The machine should be recorded as a plant asset in the amount of: a. $300,000 b. $321,000 c. $329,000 d. $326,000

Acquisition Cost On January 1, 2017, Zircon Enterprises purchased a piece of equipment with a list price of $60,000. The following amounts were related to the equipment purchase: Terms of the purchase were 2/10, net 30. Zircon paid for the purchase on January 8. Freight costs of $1,000 were incurred. A state agency required that a pollution control device be installed on the equipment at a cost of $2,500. During installation, the equipment was damaged and repair costs of $4,000 were incurred. Architect's fees of $4,500 were paid to redesign the work space to accommodate the new equipment. Zircon purchased liability insurance to cover possible damage to the asset. The three-year policy cost $8,000. Zircon financed the purchase with a bank loan. Interest of $3,000 was paid on the loan during 2016. Required: Determine the acquisition cost of the equipment.

On January 1, 2019, Sinaran purchased equipment. Following are the costs incurred in connection with the purchase of this equipment: - Purchase price of IDR 500,000,000 plus 10% VAT (IDR 50,000,000) which can be credited - The company pays an independent professional to modify the equipment to fit the specifications desired by the company. The fee paid for professional services is IDR 40,000,000 and for the spare part costs for the modification purposes IDR 10,000,000. - The cost of testing the equipment so that it functions according to its purpose is Rp.25,000,000. - The proceeds from the sale of goods resulting from the testing process are IDR 5,000,000. Requested: Calculate the cost of the equipment according to PSAK 16

On 1 July 2017, Entity A purchased a chemical machine from Entity B on credit.  The purchase price was $4,560,000 and it will be fully settled on 1 August 2017.  A legal and professional fee of $35,500 was paid by a cheque to Entity C in order to ensure the machine can be ready for use on 1 July 2017.  The economic life of the machine is 5 years without any residual value. According to the purchase contract, Entity A is required to remove the plant on 30 June 2022 and Entity A estimated the dismantling costs of the plant will be $55,123 on that day.  Entity A considered that a discount rate of 10.50% is appropriate for the calculation of present value. On 30 June 2022, the actual dismantling costs were only $45,600 and they were paid by a direct bank transfer to Entity D. On 1 July 2022, a recycling company, Entity E, purchased all the machine scraps for $32,500 on credit and agreed to pay in full on 16 July 2022. REQUIRED: According to relevant accounting standards, prepare journal…