martinmethod.com Groups-2018 Fall Term (1) Organizati naseer, shafaq Martir Assi

Question

martinmethod.com Groups-2018 Fall Term (1) Organizati naseer, shafaq Martir Assignment: 1. The Basic Principles (Unit 1) FILL IN PROBLEMS (none) TRU E FALSE CHOICE 314 15 16 72 122 5) 20 27 2 30 32 335 Question 4: Martin Company purchased a new machine on anuary 15, 2002 at the discounted price of $60,000. The usual price of such a machine was $65,000. At December 31, 2002 the fair value of the machine is $56,000. At what amount should the machine be reported at December 31, 2002? 56,000 $65,000 $62,000 60,000 GRADE: 73% TIMER 15:28

Explanation / Answer

According to Cost principle, assets should be recorded at the amount paid to acquire such assets. Machine should be reported at December 31,2002 at $60000. Option D is correct

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