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Prosperous Company is a public company operating in Saskatchewan. The following costs pertain to machinery that Prosperous Company purchased during its fiscal year ended June 30, 2021:
Cash paid for machine, including recoverable GST of $15,250 $320,250Foreign exchange paid on machine 16,312Insurance premium paid on the machine for its first year of operations 3,128Cost for calibrators to test machine in preparation for first time use 1,622Cost of training staff to use the new machine 5,599Freight and insurance cost while in transit 3,873Cost of installing machine 3,159Interest paid on a 3-month loan used to finance the purchase of the machine 3,108
It took Prosperous Company approximately 2 months to purchase and receive the machine, and ready it for use.
Required:
Problem 1: Calculate the cost of the machine for Prosperous Company.
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