Granite company purchased a machine costing $120,000, terms 1/10, n/30. the machine was shipped fob shipping point and freight charges were $2,000. the machine requires special mounting and wiring connections costing $10,000. when installing the machine, $1,300 in damages occurred. compute the cost recorded for this machine assuming granite paid within the discount period.

Total cost to get the ready to use:  132,100

Explanation:

Equipment cost: 120,000 x (1 - 1%) = 118,800

shipping cost:                                        2,000

special wiring connections                 10,000

installation cost                                      1,300  

Total cost to get the ready to use:  132,100

All cost incurred to get the equipment ready to use and produce must be included in the equipment cost.

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