Question
URGENT Kipling Inc. purchased a machine on May 31 for $64000, paying cash. The company also paid $500 for freight, $800 for installation and testing,
URGENT
Kipling Inc. purchased a machine on May 31 for $64000, paying cash. The company also paid $500 for freight, $800 for installation and testing, $700 for employee training, $300 for supplies to be used in production, and $1200 for a one-year insurance policy. The machine has a residual value of $6000 and a useful life of 5 years.
What is this machine's acquisition cost?
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Auditing Cases
Authors: Frank A. Buckless, Mark. S. Beasley, Steven M. Glover, Douglas F. Prawitt
1st Edition
978-0130800015
