A new machine was acquired by JR that had a quoted price of $12,000. JR paid $3,000
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A new machine was acquired by JR that had a quoted price of $12,000. JR paid $3,000 cash and transferred 200 shares common shares (current market value, $40 per share, based on several recent large trading transactions.). Other payments related to the acquisition were: transportation, $300; refundable sales tax, $150, and installation costs, $600.
The asset account should be debited for $11,900
Related Book For
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
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