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Hamlet college recently purchased new computing equipment for its library. the following information refers to the purchase and installation of this equipment:
1. the list price of the equipment was $285,000; however, hamlet college qualified for an 'education discount' of $25,000. it paid $50,000 cash for the equipment, and issued a three-month, 9 percent note payable for the remaining balance. the note, plus accrued interest charges of $4,500, was paid promptly at the note's maturity date.
2. in addition to the amounts described in 1, hamlet paid sales taxes of $15,000 at the date of purchase.
3. freight charges for delivery of the equipment totaled $1,000.
4. installation costs related to the equipment amounted to $5,000.
5. during installation, one of the computer terminals was accidentally damaged by a library employee. it cost the college $500 to repair this damage.
6. as soon as the computers were installed, the college paid $4,000 to print admissions brochures featuring the library's new, state-of-the-art computing facilities.
instructions
compute the total cost added to the college's computing equipment account.
prepare a journal entry at the end of the current year to record depreciation on the computing equipment. hamlet college intends to depreciate this equipment by the straight-line method (half-year convention) over an estimated useful life of five years. assume a zero-residual value.
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Hamlet college recently purchased new computing equipment for its library. the following information...
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