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What is the total cost of the new machinery

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Question 1: Som Clinic purchases land for $400000 cash. The clinic assumes $4000 in property taxes due on the land. The title and attorney fees totaled $2200. The clinic had the land graded for $6000. What amount does Som Clinic record as the cost for the land?

Question 2: Sun Company purchased machinery on January 1 at a list price of $420000, with credit terms 3/10, n/30. Payment was made within the discount period. Sunland paid $149500 sales tax on the machinery and paid installation charges of $5400. Prior to installation, Sun paid $12000 to pour a concrete slab on which to place the machinery. What is the total cost of the new machinery?

Reference no: EM132607092

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