Assume Trois Cuisines Manufacturing bought three machines in a $100,000 lump-sum purchase. An independent appraiser valued the
Question:
Assume Trois Cuisines Manufacturing bought three machines in a $100,000 lump-sum purchase. An independent appraiser valued the machines as follows:
Machine No. Appraised Value
1.................................... $27,000
2.................................... 45,000
3.................................... 36,000
Trois Cuisines paid one-third in cash and signed a note payable for the remainder. What is each machine's individual cost? Immediately after making this purchase, Trois Cuisines sold machine 2 for its appraised value. What is the result of the sale? Round to three decimal places.
Step by Step Answer:
Allocation of cost to individual machines Machine Appraised Value Percentage of ...View the full answer
Financial Accounting
ISBN: 978-0133472264
5th Canadian edition
Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin
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