Q1.On November 14 your business sold inventory worth $24000 to a customer for $60000. You shipped it FOB shipping point and the terms were 3/15,n/30. The next day, the appropriate party paid the freight company $1100. Four days later the customer returned 15% of his order. You received payment on November 26.

How much did the customer pay you?

Q2.

Leslie Limited purchased a machine on April 1 for $95000, paying cash. The company also paid $1200 for freight, $600 for installation and testing, $700 for employee training, $800 for supplies to be used in production, and $2400 for a one-year insurance policy. The machine has a residual value of $12000 and a useful life of 5 years.

What is this machine's acquisition cost?