Acquisition Cost of Long-Lived Asset

The following data relate to a firms purchase of a machine used in the manufacture of its product:

Invoice price $30,000

Applicable sales tax 2,000

Cash discount taken for prompt payment 400

Freight paid 260

Cost of insurance coverage on machine while in transit 125

Installation costs 3,000

Testing and adjusting costs 475

Repair of damages to machine caused by the firms employees 750

Prepaid maintenance contract for first year of machines use 300

Determine the acquisition cost of the machine.

Acquisition Cost = $Answer