Mad hatter enterprises purchased new equipment for 365000, Ask an Expert

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Mad Hatter Enterprises purchased new equipment for $365,000, FOB shipping point. Other costs connected with the purchase were as follows:

State sales tax $29,200
Freight costs 5,600
Insurance while in transit 800
Insurance after equipment is placed in service 1,200
Installation costs 2,000
Testing, including $300 of spoilage 700

Determine the capitalized cost of the equipment.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M965713

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