Reference no: EM132779112
ABC Designs, Inc purchased equipment with a list price of $00,000 on June I, 20X9. ABC Designs, Inc. quali?ed for a 3% discount off the list price. ABC Designs, inc. paid $28,200 down to the seller and signed a 3 month note payable at a 4% annual rate due to the vendor, with interest of $100 due to the vendor at the end of each of the next three months and the note principal of $30,000 due on September 1, 20319. In addition, the ABC Designs, Inc. paid the following costs in cash: sales tax on the equipment purchase of $3,492, equipment delivery costs of $308, and installation labor and material costs of $2,000. When the equipment was delivered, it fell off the delivery truck and cost the ABC Designs, Inc. an added $400 for repairs.
Problem a) At what total cost will the equipment be recorded?
Problem b) Prepare the entry' on June 1, 20x9, to record the purchase
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