1. Compute the amount recorded as the cost of a new machine used in the production process of a company, given the following payments related to its purchase: Purchase Price Sales Tax Purchase Discount Taken Transit Costs Assembly &Testing Costs Cost of Necessary Machine Platform $700,000 50,000 10,000 $ 2,500 $ 5,000 $2,500 Cost of Maintenance Parts for A1l Machines 4,200 Calculate the cost of the machine that should be capitalized