TeamEx-5 - Acc 310F - Summer 2010 Class: 11:30 Team Member...

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Acc 310F - Summer 2010 Team Exercise #5 Class: 11:30 Team #: Team Member Name (please print): Team Member Signature: Your team's solution must be turned in on the answer sheet provided. Also, each team member must sign their individual sheet and turn it in with the team's solution to receive credit for the exercise. Please ***alphabetize *** these sheets (or lose 1 point) before they are stapled behind your answer sheet. Benson Company acquired sophisticated production equipment at a cost of $450,000. In addition, the firm paid $7,540 to have the equipment delivered and another $11,435 was spent to have it installed. The annual cost paid to insure the equipment while used in production is $3,000. The expected life of the new equipment is six years, and the estimated residual value is $40,000. 1. What amount should be recorded as the cost of the equipment in the company’s equipment account? 2.
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TeamEx-5 - Acc 310F - Summer 2010 Class: 11:30 Team Member...

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