Exercise 8-1 Cost of plant assets LO C1 Rizio Co. purchases a machine for $10,600, terms 2/10, n/60, FOB shipping point.

Rizio paid within the discount period and took the $212 discount. Transportation costs of $240 were paid by Rizio. The machine required mounting and power connections costing $733. Another $346 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $370 worth of repairs were made.

Complete the below table to calculate the cost recorded for this machine.

invoice price of machine
net purchase of price
total cost to be recorded