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Palestine Company purchased equipment with an invoice price of $150,000. Other costs incurred were freight...

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Accounting

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Palestine Company purchased equipment with an invoice price of $150,000. Other costs incurred were freight costs $3,100; Installation wiring and foundation$1,200; material and labor costs in testing equipment $1,000; oil lubricants and supplies to be used with equipment during its first year of operations $1,500;fire Insurance policy covering equipment 51,400. The equipmentis estimated to have a $5,000 residual value at the end of its 10-year useful service life Instructions Compute the acquisition cost of the equipment 153,1000 154,300 155.300 150 000 Unearned revenues are a Non-current liabilities O current assets Revenues Current liabilities o

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