Exercise 10-1 (Algo) Cost of plant assets LO C1 Rizio Company purchases a machine for $11.400, terms 2/10, 1/60. FOB shi

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Exercise 10 1 Algo Cost Of Plant Assets Lo C1 Rizio Company Purchases A Machine For 11 400 Terms 2 10 1 60 Fob Shi 1 (35.6 KiB) Viewed 33 times

Exercise 10-1 (Algo) Cost of plant assets LO C1 Rizio Company purchases a machine for $11.400, terms 2/10, 1/60. FOB shipping point. Rizio paid within the discount period and took the $228 discount. Transportation costs of $258 were paid by Rizio. The machine required mounting and power connections costing $788. Another $372 is paid to assemble the machine, and $40 of materials are used to get it into operation. During installation, the machine was damaged and $330 worth of repairs were made. Complete the below table to calculate the cost recorded for this machine. Amount Included in Cost of Equipment: Invole price of machine Net purchase price Total cost to be recorded