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2. Tasty Inn and Out incurred the following costs related to its purchase of equipment. Cost of the equipment Sales tax (7%) Annual property insurance

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2. Tasty Inn and Out incurred the following costs related to its purchase of equipment. Cost of the equipment Sales tax (7%) Annual property insurance Shipping Installation Total costs $10,000 700 500 200 1,000 $12,400 What is the recorded cost of the equipment? a. $10,000 b. $10,700 c. $11,900 d. $12,400

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