Reference no: EM132782039
Greth Company uses many kinds of machines in its operations. The following information relates to a machine that was acquired on January 1, 2008.
Cash paid for machine, including VAT of P96,000 - 896,000
Cost of transporting machine 30,000
Labor cost of installation by expert fitter 50,000
Labor cost of testing machine 40,000
Insurance cost for 2008 15,000
Cost of training for personnel who will use the machine 25,000
Cost of safety rails and platform surrounding machine 60,000
Cost of water device to keep machine cool 80,000
Cost of adjustment to machine to make it operate more efficiently 75,000
Estimated dismantling cost to be incurred as required by contract 65,000
problem 1: How much should be capitalized as cost of the machine?
a. 1,135,000
b. 1,231,000
c. 1,200,000
d. 1,150,000
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