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A company purchased a piece of equipment by paying $8,000 cash. A shipping cost of...

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Accounting

A company purchased a piece of equipment by paying $8,000 cash. A shipping cost of $550 to get the equipment to its factory was also incurred. The fair value of the equipment was $7,600 at the time of the purchase. For what amount should the company record the equipment? Multiple Choice

$8,550.

$8,150.

$8,000.

$7,600.

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