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

Answer rating: 100% (QA)

Calculation Assets account will be debi... View the full answer