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Voiture Company manufactures compact, energy-efficient cars. On April 1, it purchased a machine for its...

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Accounting

Voiture Company manufactures compact, energy-efficient cars. On April 1, it purchased a machine for its assembly line at a contract price of $300,000 with terms of 2/10, n/30. Voiture paid the contract price on April 8 and also incurred installation and transportation costs of $4,000, sales tax of $24,000, and testing costs of $3,000. During testing, the machine was accidentally damaged, so the company had to pay $1,000 to repair it.

Required:

Prepare the journal entry to record the acquisition of the machine.

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