Anchor Company purchased a manufacturing machine with a list price of $88,000 and received a...
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Anchor Company purchased a manufacturing machine with a list price of $88,000 and received a 2% cash discount on the purchase. The machine was delivered under terms FOB shipping point, and transportation costs amounted to $2,800. Anchor paid $3,900 to have the machine installed and tested. Insurance costs to protect the asset from fire and theft amounted to $5,000 for the first year of operations. What is the cost of the machine?
Multiple Choice
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$89,040
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$97,940
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$86,240
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$92,940
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