Phonify Company is a phone case production company On 1 January 2020, the company purchased a machinery at a purchase price of $100,000 Additional information (a) Sales tax paid on the purchase price was 5 (b) The company paid $8,000 for installation and $700 for testing of the machinery (c) Income tax paid on income earned from the sale of phone cases manufactured by the machinery was $9,300 (d) Ordinary repairs to keep the machinery in good working order was $7,500 on 13 August 2020 Required Determine the cost of machinery as at 31 December 2020 (A) Phonify Company is a phone case production company On 1 January 2020, the company purchased a machinery at a purchase price of $100,000 Additional information (a) Sales tax paid on the purchase price was 5 (b) The company paid $8,000 for installation and $700 for testing of the machinery (c) Income tax paid on income earned from the sale of phone cases manufactured by the machinery was $9,300 (d) Ordinary repairs to keep the machinery in good working order was $7,500 on 13 August 2020 Required Determine the cost of machinery as at 31 December 2020

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Phonify Company is a phone case production company. On 1 January 2020, the company purchased a machinery at a purchase price of $100,000. Additional information:

Phonify Company is a phone case production company. On 1 January 2020, the company

purchased a machinery at a purchase price of $100,000.

Additional information:
1. (a) Sales tax paid on the purchase price was 5%.
2. (b) The company paid $8,000 for installation and $700 for testing of the machinery.
3. (c) Income tax paid on income earned from the sale of phone cases manufactured by the machinery was $9,300.
4. (d) Ordinary repairs to keep the machinery in good working order was $7,500 on 13 August 2020.
Required: Determine the cost of machinery as at 31 December 2020.

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(A) Phonify Company is a phone case production company. On 1 January 2020, the company purchased a machinery at a purchase price of $100,000. Additional information: (a) Sales tax paid on the purchase price was 5%. (b) The company paid $8,000 for installation and $700 for testing of the machinery. (c) Income tax paid on income earned from the sale of phone cases manufactured by the machinery was $9,300. (d) Ordinary repairs to keep the machinery in good working order was $7,500 on 13 August 2020. Required: Determine the cost of machinery as at 31 December 2020