Edmonton Ice Rink purchased a Zamboni ice-resurfacing machine for $27,000, terms 2/10, n/60, FOB shipping...
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Accounting
Edmonton Ice Rink purchased a Zamboni ice-resurfacing machine for $27,000, terms 2/10, n/60, FOB shipping point. Edmonton Ice received a freight invoice from On-time Delivery for $440. Edmonton ice took advantage of the discount. The Zamboni required a special steel mounting and power connections costing $975, and another $645 was paid to paint the home team colours on the Also, $300 of labour into operation. In moving the Zamboni onto its steel mounting, it was banged and damaged. The repairs cost $370. Also, $300 of labour costs were incurred in calibrating (adjusting) the machine so that it would be at the right height on the ice. These will cost $200 per month for the next year. Prepare a calculation to show the cost of this machine for accounting purposes. (Negative answer should be indicated by a minus sign.)
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