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Question
A company purchased a special purpose machine on September 15 of the past year, and it was installed and ready to run on January 1 of this year. The following costs were incurred in the purchase and installation of the machine. Determine the total cost of the machine.| Invoice price plus sales tax | $1,270,500 |
| Freight costs | 9,000 |
| Setup costs | 51,000 |
| Costs to adjust machine to appropriate specifications | 36,000 |
| Electrical connections | 32,000 |
| Maintenance supplies for future use | 108,000 |
| Traffic fine incurred during transport of machine | 300 |
| Cost of special foundation for machine | 18,500 |
Answer
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