In the year ended May 31,2015, Faster Inc. purchased new machinery from an overseas manufacturer. The cost of the machine totalled $500,000. Shipping and duties incurred by the company totaled $35,000. Faster inc. Needed to bring a mechanic from overseas to help with the installation. Costs of installation total $15,000. A rebate of $40,000 was given to Faster inc. since this was the company's second machine purchase from the manufacturer. Prior to delivery, to prepare for installation of the new machine, Faster Inc. incurred labor costs of $12,000 & general overhead of $9,000. What is the total asset cost that Faster inc. should record for the new machinery?
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