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What is the total capitalized cost of the equipment

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Problem - On June 28, Carpenter Corporation purchased equipment with a purchase price of $43,231 plus 6% sales tax. Shipping terms were FOB Shipping Point and shipping charges were $317. Installation was completed, and the new equipment was placed in service on July 1. Installation costs totaled $949. 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 7 years, at which time it will have an estimated worth of $4,637. The equipment will be depreciated using the Straight Line method. What is the total Capitalized Cost of the equipment?

Reference no: EM132804310

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