On November 20, 2017, McCourty Safety Systems ordered a packaging machine for its factory from Chung Industries at a price of $142,500.

McCourty Safety Systems arranged to have the machine delivered to its factory to be delivered by Gilmore Transportation at a cost to McCourty of $10,800.

On December 29, 2017, McCourty Safety Systems received the packaging machine at its factory with invoices from Chung Industries and Gilmore Transportation for the price of the machine, $142,500, and the freight charges, $10,800, per the original order

On December 30, 2017 McCourty Safety Systems completed the installation and testing of the packaging machine at costs of $9,870 and $4,920, respectively.

On December 31, 2017, McCourty Safety Systems purchased a one-year insurance policy on the packaging machine beginning on January 1, 2018 at a cost of $3,600.

To comply with GAAP, McCourty Safety Systems recorded the packaging machine at a total historic cost value of:

In its GAAP balance sheet at December 31, 2017, McCourty Safety Systems reported the packaging machine at a total value of: