Rizio Co. purchases a machine for $13,100, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $131 discount. Transportation costs of $296 were paid by Rizio. The machine required mounting and power connections costing $906. Another $427 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $310 worth of repairs were made. Complete the below table to calculate the cost recorded for this machine.

Exercise 8-1 Cost of plant assets LO C1 Rizio Co. purchases a machine for $13,100, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $131 discount. Transportation costs of $296 were paid by Rizio. The machine required mounting and power connections costing $906. Another $427 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $310 worth of repairs were made. Complete the below table to calculate the cost recorded for this machine. Answer is not complete. Amount Included in Cost of Equipment: Invoice price of machine $ 13,100 131 Net purchase price 12,969 Transportation 296 Mounting and power connections 906 Assembly 427 Materials used in adjusting 40 Total cost to be recorded $ 14,638