Royal Co. acquired new machinery with a list price of $700,000. At the date of Purchase they received a $7,000 cash discount and paid $2,000 of delivery charges. Installation and worker training costs were $46,000 and $14,000 respectively. During installation, worker negligence caused $15,000 damage to other machinery in the factory building. What is the acquisition cost for the machinery?I am unsure what to include, deduct or add in the calculation. Any help would be great!
Acquisition Cost Accounting
