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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 iPlease help me find the answer with work if possible! Thanks in advance!

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Answer #1
Invoice price 34000
Applicable sales tax 2000
Less: Cash discount taken for prompt payment -400
Freight paid 260
Cost of insurance coverage on machine while in transit 125
Installation costs 2000
Testing and adjusting costs 475
Acquisition cost 38460
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