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Lambert Company acquired a machine on October 1 that was placed in service on No...
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Lambert Company acquired a machine on October 1 that was placed in service on November 30.
The cost of the machine was $63,000, of which $20,000 was given as a down payment. The
remainder was borrowed at 12% annual interest. Additional costs included $2,500 for shipping,
$4,000 for installation, $3,000 for testing, and $1,290 of interest on the borrowed funds. How much
should be reported for this acquisition in the machine account on Lambert Company's statement of
financial position as of November 30
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