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On 1-4-2015 LOTUS imported a machine from China worth $73000 and paid the following expenses: shipping $1,000, customs fees $500, fire insurance $150, shipping insurance $300, installation $200, and annual maintenance $100 $
On 1-4-2015 LOTUS imported a machine from China worth $73000 and paid the following expenses: shipping $1,000, customs fees $500, fire insurance $150, shipping insurance $300, installation $200, and annual maintenance $100 $.
The estimated useful life of the machine is five years, or 165,000 units, and the scrap value is $3,000
On 1-4-2020 LOTUS sold the machine for $5000
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