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Quiz 2 | Principles of Accounting 2 (ACCT 102)| Spring 2019 Question 2: (2.5 Marks) Al-Jazerah Company incurred the following expenditure in acquiring a plant

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Quiz 2 | Principles of Accounting 2 (ACCT 102)| Spring 2019 Question 2: (2.5 Marks) Al-Jazerah Company incurred the following expenditure in acquiring a plant asset (Equipment): cash price SR110,000, Delivery cost SR9,000, sales tax SR1,200, insurance against damages during shipping SR500, annual insurance fees for technical fault coverage SR6,000, cost of lubricants supply for 3 months SR320 and cost of installation and testing SR750. Instructions: 1- Calculate the cost of equipment. 2- Record the entry of acquiring the asset

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