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Anchor Company purchased a manufacturing machine with a list price of $100,000 and received a...

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Accounting

Anchor Company purchased a manufacturing machine with a list price of $100,000 and received a 2% cash discount on the purchase. The machine was delivered under terms free on board (FOB) shipping point, and transportation costs amounted to $5,200. Anchor paid $7,500 to have the machine installed and tested. Insurance costs to protect the asset from fire and theft amounted to $9,800 for the first year of operations. What is the cost of the machine? Multiple Choice $98,000 $120,500 $110,700 $103,200

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