external reporting

Navas 28 April 2020 at 13:44 PM

A steel press machine is purchased for $50,000 cash and a $100,000 interest bearing note payable. The cost to be
recorded as an asset (in addition to the $150,000 purchase price) should include all of the following except
A) Freight and handling charges.
B) Insurance while in transit.
C) Interest on the note payable.
D) Assembly and installation costs.

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FACULTY 19 May 2020 at 03:05 PM

Interest on the note payable.(option C)

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