Acquisition Cost of Long-Lived Asset The following data relate to a firms purchase of a...
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Acquisition Cost of Long-Lived Asset The following data relate to a firms purchase of a machine used in the manufacture of its product: Invoice price $34,000 Applicable sales tax 2,000 Cash discount taken for prompt payment 400 Freight paid 260 Cost of insurance coverage on machine while in transit 125 Installation costs 2,000 Testing and adjusting costs 475 Repair of damages to machine caused by the firms employees 750 Prepaid maintenance contract for first year of machines use 400 Determine the Acquisition Cost = $
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