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Determine the Book Value of the X-ray machine

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Question - Early January of 2020, Jordan Medical Clinic (JMC) decided to buy an X-ray machine. JMC contacted the supplier and found out that the cash price was $187,000. They also found that they can buy it on installments but at a different price. JMC decided to buy the machine on installment basis. The contract price was $201,750 payable $48,0000 down, and $10,250 a month for the next fifteen months. Additional $2,850 were paid for wiring & setting up the machine. The costs of running the X-ray machine during 2020 was $2,450. Determine the Book Value of the X-ray machine at the Acquisition date and at the End of 2020. Assume JMC recognized a total of $26,000 as depreciation expense on the X-ray machine at the end of 2020.

Reference no: EM132859190

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