Corrieten Company purchased equipment and these costs were incurred: Cash price Sales taxes $24,000 1,200 Insurance during

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Corrieten Company purchased equipment and these costs were incurred: Cash price Sales taxes $24,000 1,200 Insurance during transit Installation and testing 200 400 $25,800 Total costs What amount should be recorded as the cost of the equipment?

(a) $24,000.

(c) $25,400.

(b) $25,200.

(d) $25,800.

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Financial Accounting Tools For Business Decision Making

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Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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Corrieten Company purchased equipment and these costs were incurred: Cash price Sales taxes $24,000 1,200 Insurance during

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