Prince's Pipe Co. purchases equipment with a list price of $22,000. Regarding the purchase, Prince:...
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Prince's Pipe Co. purchases equipment with a list price of $22,000. Regarding the purchase, Prince: Received a 2% discount off the list price. Paid shipping costs of $800. Paid $1,750 to install the equipment, $1,200 of which was for a unique stand for the equipment. Paid $2,800 to insure the equipment, $300 for delivery transit, and $2,500 for a two-year policy to cover operations. Paid $600 to have the manufacturer train employees on safety features.
Determine the acquisition cost of the equipment.
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