Rizio Company purchases a machine for $10,700, terms 1/10,n/60. FOB shipping point. Rizio paid within...
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Rizio Company purchases a machine for $10,700, terms 1/10,n/60. FOB shipping point. Rizio paid within the discount period and took the $107 discount Transportation costs of $242 were paid by Rizio. The machine required mounting and power connections costing $740. Another $349 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $205 worth of repairs were made Complete the below table to calculate the cost recorded for this machine Amount Included in Cost of Equipment: Invoice price of machine Net purchase price Total cost to be recorded
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