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rjkz [21]
3 years ago
9

The Cheese Factory incurred the following costs related to acquiring a new piece of equipment: Cost of the equipment $ 50,000 Sa

les tax (8%) 4,000 Shipping 3,000 Installation 2,000 Depreciation during the first month 1,000 Total costs $ 60,000 What is the total recorded cost of the equipment?
Business
2 answers:
kakasveta [241]3 years ago
4 0

Answer:

The multiple choices missing from the question are:

a. $60,000.

b. $50,000.

c. $57,000.

d. $59,000.

Option D,$59000 is correct

Explanation:

The recorded cost of the equipment is made of purchase cost,the sales tax since it is not recoverable,shipping cost as well as the installation cost.

The recorded cost is computed thus:

Purchase price   $50,000

sales tax              $4,000

shipping               $3,000

installation            $2,000

total  cost            $59,000

The rationale for including shipping and installation costs is that asset cost should include cost of bringing the asset to current location(shipping) and condition(installation)

neonofarm [45]3 years ago
3 0

Answer:

$59,000

Explanation:

The accounting standard for fixed asset under IFRS IAS 16 Property, plant and equipment (PPE) requires that an element of PPE be recognized at historical cost which includes all the cost incurred to bring the item of PPE to a state or place where the item becomes available for use.

These costs includes cost of purchase, freight, Installation sales tax etc.  

Total recorded cost of the equipment

= $50,000 +$4,000 + $3,000 + $2,000

= $59,000

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