Question: Prince s Pipe Co purchases equipment with a list price of

Prince's Pipe Co. purchases equipment with a list price of $22,000. Regarding the purchase, Prince:
• Received a 2% discount off the list price
• Paid shipping costs of $800
• Paid $1,750 to install the equipment, $1,200 of which was for a unique stand for the equipment
• Paid $2,800 to insure the equipment, $300 for delivery transit, and $2,500 for a two-year policy to cover operations
• Paid $600 to have the manufacturer train employees on safety features
Determine the acquisition cost of the equipment.

Sale on SolutionInn
  • CreatedJuly 16, 2015
  • Files Included
Post your question