Sobande Incorporation acquired a machine that involved the following expenditures and related factors. N Gross...
FINANCIAL
JAMB 1998
Sobande Incorporation acquired a machine that involved the following expenditures and related factors. N
Gross invoice price 15,000
Sales tax 900
Purchases discount taken 300
Freight 750
Assembly of machine 500
Installation of machine 800
Assorted spare parts for future use 1200
Turing and adjusting machine 700
What is the initial accounting cost of the machine?
- A. N19,550
- B. N18,950
- C. N18,350
- D. N17,500
Correct Answer: C. N18,350
Post an Explanation Or Report an Error
If you see any wrong question or answer, please leave a comment below and we'll take a look. If you doubt why the selected answer is correct or need additional more details? Please drop a comment or Contact us directly. Your email address will not be published. Required fields are marked *