Anchor Company purchased a manufacturing machine with a list price of $91,000 and received a 2% cash discount on the purchase. The machine was delivered under terms FOB shipping point, and transportation costs amounted to $3,400. Anchor paid $4,800 to have the machine installed and tested. Insurance costs to protect the asset from fire and theft amounted to $6,200 for the first year of operations. What is the cost of the machine

$103,580

Explanation:

The Cost of Machine according to IAS 16 include Purchase costs less trade discounts and rebates plus any direct costs incurred to put the asset in the location and condition intended for use by management.

Calculation of the Cost of Machine

Purchase Price                                      $91,000

Cash discount $91,000 x 2%                ($1,820)

Transport Cost                                       $3,400

Installation  and testing costs               $4,800

Insurance costs                                      $6,200

Total Cost                                            $103,580

Therefore,

the cost of the machine is  $103,580

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