On $1$ July $2021,$ Brendan Company bought a machine. The following information relates to the machine: Maintenance $($monthly$)$ $$2,400$ Discount $$8,000$ Repair costs for damage during transit $$1,600$ Insurance while being transported from overseas $$2,400$ Special platform to place the machine $$16,000$ Taxes $4,000$ Freight $$1,600$ List price $$80,000$ Machine operator$$s salary $($monthly$)$ $$8,000$ The machine has a useful life of $8$ years and a residual value of $$6,000.($a$)$ Determine the cost of the machine. $($b$)$ Present the journal entries to record the purchase of the machine, assuming the company paid for all items except monthly salary and monthly maintenance on $1$ July $2021.$ Narrations are not required.

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Brendan Company Machine Cost and Purchase Recording a Cost of the Machine The cost of the machine in... View the full answer