A Machine Was Purchased at an Invoice Price of $30,000

question 16

Multiple Choice

A machine was purchased at an invoice price of $30,000, subject to a 2 percent cash discount if paid within 10 days. Installation of the machine cost $500. Costs incurred in testing the machine were $80 for the operator's time and $150 for materials. The discount was lost because of late payment of the invoice. Provincial sales tax on invoice price, 4 percent, and amortization during the testing period was $200. The cost that should be recorded for the machine is:

• A) $30,600.
• B) $31,100.
• C) $31,330.
• D) $31,530.

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Definitions:

Joint Evolution

The process by which two or more species evolve in response to each other, influencing each other’s evolutionary pathway.

Binary Influence

A concept that deals with dualistic effects or the impact of two different forces or factors in a given situation.

Genetics

The branch of biology that studies genes, genetic variation, and the inheritance of characteristics in biological organisms.

Future Course of Development

Refers to the anticipated progression or advancement in a specific area, often used in planning or forecasting.