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What is the total capitalized cost of the equipment

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On June 28, Carpenter Corporation purchased equipment with a purchase price of $35,090 plus 5% sales tax. Shipping terms were FOB Shipping Point and shipping charges were $283. Installation was completed, and the new equipment was placed in service on July 1. Installation costs totaled $923. The shipping and installation costs were paid for in cash. The equipment purchase price, including sales tax, was paid for by issuing a 120 day 5% Note Payable. Based on industry standards, the equipment is expected to have a useful life of 8 years, at which time it will have an estimated worth of $4,576. The equipment will be depreciated using the Straight Line method.

Question 1: What is the total Capitalized Cost of the equipment?

Reference no: EM132606189

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