Reference no: EM132772691
Question - Higher Ltd. purchased a large piece of earth-moving equipment for $5,000,000. The vehicle had six tires, each worth $100,000 and expected to last two years. This is the maximum value that should be allocated to tires. The reminder of the purchase cost, including incremental costs, was attributable 40% to the vehicle body, expected to last 6 years and 60% to the engine, expected to last 4 years. Other costs associated with the machine:
HST, 15% of $5,000,000 cost $750,000
Delivery 12,200
Repair of incidental damage done during delivery 5,000
Servicing and tune-up to get the machine ready to use 14,000
Required - Prepare the journal entry to record the equipment and the associated expenditures. Record all items on the list plus the $5,000,000 invoice price.
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