Anchor Company purchased a manufacturing machine with a list price of $97,000 and received a 2% cash
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Question:
Anchor Company purchased a manufacturing machine with a list price of $97,000 and received a 2% cash discount on the purchase. The machine was delivered under terms FOB shipping point, and freight costs amounted to $4,600. Anchor paid $6,600 to have the machine installed and tested. Insurance costs to protect the asset from fire and theft amounted to $8,600 for the first year of operations. Based on this information, the amount of cost recorded in the asset account would be:
$106,260.
$99,660.
$114,860.
$95,060.
Posted Date: