Homework answers / question archive / On August 1, 2020, Chapelle Corp

On August 1, 2020, Chapelle Corp

Accounting

Share With

On August 1, 2020, Chapelle Corp. purchases a new machine. The company makes a $7,200 cash down payment, and agrees to pay four monthly instalments of $10,800 each, starting September 1, 2020, signing a non-interest-bearing note to this effect. The cash equivalent price of the machine is $43,200. As well, Chapelle pays installation costs of $1,200. The recorded cost of the machine should be?