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Acme Boxplant purchased new equipment for their box plant. One item was a die cut machine and the other, a corrugator. Both machines are used to manufacture boxes. The die cut machine costs $900,000, and the corrugator costs $1.5 million. Acme purchased the equipment, including the sales tax, on account, with amounts due in 45 days. Additional costs were paid in cash:
| Die Cut Machine | |
| Sales tax | $54,000 |
| Freight charges | 55,000 |
| Insurance | 8,500 |
| Installation of the die cut | 75,000 |
| Corrugator | |
| Sales tax | $90,000 |
| Freight charges | 55,000 |
| Insurance | 8,500 |
| Installation of the corrugator | 75,000 |
| Personnel training costs to run machine | 50,000 |
| Trial Runs | 10,000 |
Required:
Use the ACTTemplate file to answer the following:
- What amount should Acme capitalize the die cut machine?
- What amount should Acme capitalize the corrugator?
- Record the necessary journal entries related to the expenses for the die cut machine and the corrugator.
Provide comments on the spreadsheet to explain the rationale for the amounts recorded.
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