QCAA Accounting Practice Questions - QCAA Senior Accounting Exam (Units 3 & 4) Exam

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Apex Ltd purchased a manufacturing machine for $120,000 cash. Additional costs incurred were: freight charges $4,000, installation costs $6,000, initial testing costs $2,000, annual maintenance contract $3,000, and fire insurance for the first year $1,500. What is the initial cost of the machine recorded in the non-current asset ledger?

$$120,000 $$130,000 $$133,000 $$136,500

Correct Answer:

$$130,000

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