Problem 7-69B (Algorithmic) Cost of a Fixed Asset

Metropolis Country Club purchased a new tractor to be used for golf course maintenance. The tractor cost $55,000. Metropolis borrowed the purchase price from its bank on a one-year, 10 percent note payable. Metropolis incurred the following costs:

Shipping costs	$300
Shipping insurance	150
Calibration of cutting height	83

Required:

Compute the cost of the tractor.