Problem
Lennon Company recently purchased a new 3d printer for $60,000. Lennon also incurred shipping charges of $1,500 and paid a tariff of $8,000 to get the printer into the country. Lennon purchased a special platform for $4,000 that is necessary to keep the printer level, and then it hired a consultant for $5,000 to train its employees to use the machine.
What dollar amount will Lennon show on its balance sheet for the new printer?