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ipn [44]
3 years ago
14

Boone Company purchased a piece of machinery by paying $18,000 cash. In addition to the purchase price, the company incurred $80

0 freight charges. The machine has an estimated useful life of 5 years and will require $600 for insurance over that period. Boone Company would record the cost of the machine at
Business
1 answer:
Mkey [24]3 years ago
4 0

Answer:

The correct answer is $18920.

Explanation:

Boone Company purchased a piece of machinery by paying $18,000 cash.

In addition to the purchase price, the company incurred $800 freight charges.

Estimated useful life of the machine is 5 years and will require $600 for insurance over that period.

So insurance money for a year = $ (\frac{600}{5} ) = $120.

Boone Company would record the cost of the machine at  $ ( 18000+ 800+ 120) = $ 18920.

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