Exercise 7-44: Cost of a Fixed Asset
Colson Photography Service purchased a new digital imaging machine on April 15 for $11,200. During installation, Colson incurred and paid in cash the following costs:
Rental of drill: $150
Electrical contractor: $1,300
Plumbing contractor: $785
Colson also paid $160 to replace a bracket on the digital imager that was damaged when one of Colson's employees dropped a box on it while it was being installed.
Required:
Determine the cost of the digital imaging machine.