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Problem 7-69B Cost of a Fixed Asset Metropolis Country Club purchased a new tractor to be used for golf course maintenance. The tractor cost $64,200.

Problem 7-69B Cost of a Fixed Asset

Metropolis Country Club purchased a new tractor to be used for golf course maintenance. The tractor cost $64,200. Metropolis borrowed the purchase price from its bank on a 1-year, 7% note payable. Metropolis incurred the following costs:

Shipping cost = $925

Shipping insurance = 180

Calibration of cutting height = 75

Required:

Compute the cost of the tractor =?

Conceptual Connection: Explain why any costs were excluded from the cost of the tractor. =?

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