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Mathis Refining Inc. purchases equipment for $195,000 on account with terms 2/10 net 30. Regarding the purchase, Mathis recorded the following transactions: Paid shipping of
Mathis Refining Inc. purchases equipment for $195,000 on account with terms 2/10 net 30. Regarding the purchase, Mathis recorded the following transactions: Paid shipping of $3,100 Paid installation fees of $11,000 Pays an engineering firm $1,200 to perform a one-time system calibration before the equipment is placed in service. Paid an electric bill of $600 Received a 2% discount on the $195,000 sales price for payment inside the discount window. Determine the amount to be capitalized as
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