FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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How do i calculate the cost of equipment?

Wildhorse Enterprises purchased equipment on March 15, 2021, for $70,220. The company also paid the following amounts: $450 for freight charges; $191 for insurance while the equipment was in transit; $1,641 for a one-year insurance policy; $1,954 to train employees to use the new equipment; and $2,539 for testing and installation. The company began to use the equipment on April 1. Wildhorse has estimated the equipment will have a 10-year useful life with no residual value. It expects to consume the equipment's future economic benefits evenly over the useful life. The company has a December 31 year end. (a) Calculate the cost of the equipment. Cost of the equipment %24
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Transcribed Image Text:Wildhorse Enterprises purchased equipment on March 15, 2021, for $70,220. The company also paid the following amounts: $450 for freight charges; $191 for insurance while the equipment was in transit; $1,641 for a one-year insurance policy; $1,954 to train employees to use the new equipment; and $2,539 for testing and installation. The company began to use the equipment on April 1. Wildhorse has estimated the equipment will have a 10-year useful life with no residual value. It expects to consume the equipment's future economic benefits evenly over the useful life. The company has a December 31 year end. (a) Calculate the cost of the equipment. Cost of the equipment %24
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