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6 November, 20:02

Wiley Company purchased new equipment for $42,000. Wiley paid cash for the equipment. Other costs associated with the equipment were: transportation costs, $3,000; sales tax paid $2,400; and installation cost, $2,300. The cost recorded for the equipment was:

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  1. 6 November, 20:13
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    Answer: $49,700

    Explanation:

    Given that,

    Purchased new equipment = $42,000

    Transportation costs = $3,000

    Sales tax paid = $2,400

    Installation cost = $2,300

    Cost recorded for the equipment = purchased new equipment + Transportation costs + Sales tax paid + Installation cost

    = $42,000 + $3,000 + $2,400 + $2,300

    = $49,700
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