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On March 1, Wright Company purchased new equipment for $52,500 by paying cash. Other costs associated with the equipment were: transportation costs, $1,500; sales tax paid $3,500; and installation cost, $3,000. At what amount will the equipment be recorded on a balance sheet?

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Answer:

The answer is $60,500

Explanation:

The cost of asset(new equipment) is the total cost associated with making the equipment to work in the present condition. It includes cost of installation, cost of bringing the asset to the factory, tax paid on purchasing the asset.

Amount that will be recorded for the asset is:

Cost of new equipment.---$52,500

Transportation cost ---------$1,500

Sales tax -------------------------$3,500

Installation cost ----------------$3,000

Total ------------------------------$60,500

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