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Calculate the cost of the machine at initial recognition

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Reference no: EM132591820

Ostabine (Pty) Ltd purchased a machine from a foreign supplier. The following costs were incurred in the acquisition.

Purchase price R2 000 000

Import Duties R35 000

Railage Costs R12 000

Calibration devices (to make the machine usable locally) R15 000

Installation devices R100 000

Advertising of new machine to customers R8 000

Ostabine (Pty) Ltd has adopted IFRS for SME's.

Required:

Question 1: Calculate the cost of the machine at initial recognition. Also indicate why/why not costs are included/excluded in the calculation of the costs.

Reference no: EM132591820

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