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Cox Company recently purchased a machine by paying $9,800 cash and signing a 6-month, 10% note for $10,000. In addition to the purchase price, Cox incurred the following costs related to the machine: freight charges, $800; interest charges, $500; special foundation for machine, $400; installation costs, $1,100. Required: Determine the cost of the machine.

Respuesta :

Answer:

$22,100

Explanation:

Given that,

cash paid = $9,800

Notes payable = $10,000

freight charges, = $800;

interest charges, = $500;

special foundation for machine, = $400;

installation costs, = $1,100.

Total cost of machine:

= Cash paid for machine + Notes payable signed for machinery + Freight charges + Special foundation to machine + Installation costs

= $9,800 + $10,000 + $800 + $400 + $1,100

= $22,100

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