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Question - On 2 January 2018, Johnston Ltd purchased a machine with a list price of $243,700 (including GST) and credit terms of 2/10, n/30. Payment was made within the discount period. Freight costs of $5,600 plus GST and installation costs of $5,490 plus GST were also paid. The machine has a useful life of 4 years and a residual value at the end of its useful life of $25,000.
Required - Determine the amount that should be debited to the machinery account and prepare a general journal entry to record the purchase, assuming a financial year ending 31 December.
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