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Calculate the cost of the machine that should be capitalized

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Question - Jon Snow, Inc. purchased a new machine. Calculate the cost of the machine that should be capitalized on the Balance Sheet:

Fine incurred during transit 750

Insurance during the shipping of the machine 1,000

Invoice Price 3,500,000

Freight Costs 30,000

Sales Tax 175,000

Cost of plumber during installation 1,500

Spare parts needed for the machine 2,000

Cost of special base needed for the machine 4,500

One year insurance policy for the machine 2,400

You received a 2% discount on the invoice price 70,000

Please show all Calculations.

Reference no: EM133179887

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