Exercise 8-1 (Algo) Cost of plant assets LO C1 Rizio Company purchases a machine for $14,700, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $147 discount. Transportation costs of $332 were paid by Rizio. The machine required mounting and power connections costing $1,016. Another $479 is paid to assemble the machine, and $40 of materials are used to get it into operation. During installation, the machine was damaged and $185 worth of repairs were made. Complete the below table to calculate the cost recorded for this machine. Amount Included in Cost of Equipment: Invoice price of machine Net purchase price Total cost to be recorded

Exercise 8-1 (Algo) Cost of plant assets LO C1 Rizio Company purchases a machine for $14,700, terms 1/70, n60, Foe shipping point. Rizio paid within the discount period and took the $147 discount. Transportation costs of $332 were paid by Rizio. The machine required mounting and power connections costing 51.016. Another $479ispaidtoassemblethemachine,and$40 of matenais are used to get it into operation During installation, the machine was damaged and $185 worth of repairs were made Complefe the beiow table to calculate the cost recorded for this machine