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Question - A Private Limited Co. bought a special bread-making plant on 1 January 2016, details of which follow: Purchase price (including Tax of 17%) 570,000 Import duties - non-refundable 100,000 Installation costs 30,000 Fuel (incurred when transporting the plant to the factory) 45,000 Administration costs 10,000 Staff party to celebrate the acquisition of the new plant 14,000 Staff training 12,000 Testing to ensure plant fully operational before start of production 10,980 Proceeds from sale of samples and by-products made during testing 13,000 Advertising of the 'special bread' to be made by the new plant 50,000 Initial operating loss 35,000
The initial operating loss was incurred as a result of having to dump unsold 'special bread' at sea since the advertising had not yet created sufficient demand. The company is registered as a 'Sales Tax vendor'.
Required - Calculate the cost to be capitalized to the plant account.
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