3 Exercise 8-1 (Algo) Cost of plant assets LO C1 3 points eBook Rizio Company purchases...

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3 Exercise 8-1 (Algo) Cost of plant assets LO C1 3 points eBook Rizio Company purchases a machine for $11,500, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $115 discount. Transportation costs of $260 were paid by Rizio. The machine required mounting and power connections costing $795. Another $375 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. Hint References Amount Included in Cost of Equipment: Invoice price of machine $ 11,500 Less: Discount 115 Net purchase price 11,385 Transportation 260 Mounting and power connections 795 Assembly 375 Materials used in adjusting 40 Total cost to be recorded $ 12.855 4 Exercise 8-2 (Algo) Recording costs of assets LO C1 3 points Cala Manufacturing purchases land for $279,000 as part of its plans to build a new plant. The company pays $26,900 to tear down an old building on the lot and $39,765 to fill and level the lot. It also pays construction costs of $1,307,900 for the new building and $82,559 for lighting and paving a parking area. eBook Prepare a single journal entry to record these costs incurred by Cala, all of which are paid in cash. Hint References View transaction list View journal entry worksheet No Transaction General Journal A 1 Land Land improvements Building Cash Debit Credit 94,565 3 Exercise 8-1 (Algo) Cost of plant assets LO C1 3 points eBook Rizio Company purchases a machine for $11,500, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $115 discount. Transportation costs of $260 were paid by Rizio. The machine required mounting and power connections costing $795. Another $375 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. Hint References Amount Included in Cost of Equipment: Invoice price of machine $ 11,500 Less: Discount 115 Net purchase price 11,385 Transportation 260 Mounting and power connections 795 Assembly 375 Materials used in adjusting 40 Total cost to be recorded $ 12.855 4 Exercise 8-2 (Algo) Recording costs of assets LO C1 3 points Cala Manufacturing purchases land for $279,000 as part of its plans to build a new plant. The company pays $26,900 to tear down an old building on the lot and $39,765 to fill and level the lot. It also pays construction costs of $1,307,900 for the new building and $82,559 for lighting and paving a parking area. eBook Prepare a single journal entry to record these costs incurred by Cala, all of which are paid in cash. Hint References View transaction list View journal entry worksheet No Transaction General Journal A 1 Land Land improvements Building Cash Debit Credit 94,565