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On 1 October 2018 Starring Co acquired a machine under the following terms. Cost 60,000 Trade discount (applying to cost only) 10% Freight charges

On 1 October 2018 Starring Co acquired a machine under the following terms. Cost 60,000 Trade discount (applying to cost only) 10% Freight charges 2,000 Electrical installation cost 1,000 Staff training in use of machine 3,000 Pre-production testing 2,000 Purchase of a three-year maintenance contract 4,000 What amount should be recognised under non-current assets as the cost of the machine on 1 October 2018?

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