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Question - East Carolina Lumber Co. purchased an electronic saw to cut various types and sizes of logs. The saw had a list price of $85,000. The seller agreed to allow a 10% discount because East Carolina paid cash. Taxes were 5% of the net purchase price. Delivery terms were FOB shipping point. Freight cost amounted to $2,250. Modifications to the sawmill to allow for installation of the new saw cost $3,200. East Carolina had to hire an individual to operate the saw. The operator spent the first half month of employment working on installation of the saw. The operator was paid an annual salary of $33,000. Costs incurred during installation and set-up (calibration, scrap, etc.) totaled $750. The cost of the company's liability insurance policy increased by $5,300 per year as a result of the acquisition of the saw. The saw had a five-year useful life and an expected salvage value of $5,000.
Required -
1. Determine the amount to be capitalized in an asset account for the purchase of the saw.
2. When does Goodwill occur? How is Goodwill calculated? How is Goodwill classified in the financial statements?
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