smrp09
New Member

We purchased a piece of equipment on payments with no interest. Do I log the entire purchase amount as the business asset or just what we paid on payments that year?

I.e. We purchased a machine used for $25k in November of 2016 but have been making $500/month payment so we only have paid $1000 in 2016. So I put $25k as the asset to be  depreciated or $1000?