question archive Concord Corporation purchased equipment for $29800
Concord Corporation purchased equipment for $29800
Subject:AccountingPrice:2.87 Bought7
Concord Corporation purchased equipment for $29800. Sales tax on the purchase was $1490. Other costs incurred were freight charges of $450, repairs of $620 for damage during installation, and installation costs of $490. What is the cost of the equipment?
Purchase A New Answer
Custom new solution created by our subject matter experts
GET A QUOTE
Answer Preview
Answer:
| Purchase price of equipment | 29800 |
| (+) Sales tax on purchase | 1490 |
| (+) freight charges | 450 |
| (+) installation costs | 490 |
| cost of the equipment | 32230 |
| Note : repairs for damage during installation will be expensed in the year of repair and not included in the cost of equipment |
