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Homework answers / question archive / On 1/1, the CIF Farm bought equipment by paying $8,000 cash
On 1/1, the CIF Farm bought equipment by paying $8,000 cash. They also incurred a freight and taxes of $210 to get the equipment to their farm. The market value of this equipment is $12,000. What amount should be recorded in the equipment account on 1/1? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123
$8,210
Fixed assets are recorded at cost of acquisition, also the cost includes expenditures incurred directly to acquire the asset.
