Mobley Company Purchased an Asset with a List Price of $35,000

question 96

Multiple Choice

Mobley Company purchased an asset with a list price of $35,000. Mobley received a 2% cash discount. The asset was delivered under terms FOB shipping point, and freight costs amounted to $700. Mobley paid $1,500 to have the asset installed. Insurance costs to protect the asset from fire and theft amounted to $400 for the first year of operations. Based on this information, the cost recorded in the asset account would be

• A) $36,500.
• B) $36,900.
• C) $35,000.
• D) $35,800.

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