Multiple Choice
Anchor Company purchased a manufacturing machine with a list price of $96,000 and received a 2% cash discount on the purchase. The machine was delivered under terms Free On Board shipping point, and freight costs amounted to $4,400. Anchor paid $6,300 to have the machine installed and tested. Insurance costs to protect the asset from fire and theft amounted to $8,200 for the first year of operations. Based on this information, the amount of cost recorded in the asset account would be:
A) $104,780.
B) $94,080.
C) $98,480.
D) $112,980.
Correct Answer:
Verified
Correct Answer:
Verified
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