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    Argosy University/ Phoniex University/
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Category > Accounting Posted 25 Aug 2017 My Price 9.00

Ruby Company

Exercise 8-1 Acquisition Cost

 

On January 1, 2014, Ruby Company purchased a piece of equipment with a list price of

 

$60,000. The following amounts were related to the equipment purchase:

 

•     Terms of the purchase were 2/10, net 30. Ruby paid for the purchase on January 8.

 

•     Freight costs of $1,000 were incurred.

 

•     A state agency required that a pollution control device be installed on the equipment at a cost of $2,500.

 

LO2

 

(Continued )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

•     During installation, the equipment was damaged and repair costs of $4,000 were incurred.

 

•     Architect’s fees of $6,000 were paid to redesign the work space to accommodate the new equipment.

 

•     Ruby purchased liability insurance to cover possible damage to the asset. The three-year policy cost $8,000.

 

•     Ruby financed the purchase with a bank loan. Interest of $3,000 was paid on the loan during 2014.

 

Required

 

Determine the acquisition cost of the equipment.

 

 

 

LO3

 

EXAMPLE 8-1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LO5

 

EXAMPLE  8-2, 8-3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LO5

 

EXAMPLE 8-4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LO6

 

EXAMPLE 8-5

 

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Aug 2017 12:08 AM My Price 9.00

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