A company purchased equipment on account for $50,000. They paid within the discount period and...
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Accounting
A company purchased equipment on account for $50,000. They paid within the discount period and saved 2% of the purchase cost. In addition, the company paid $2,100 to have the equipment delivered and $800 to have it installed. In setting up the machine, the maintenance assistant caused $500 in damages which was repaired before the machine was put into service. The cost of this asset for financial accounting purposes is
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