20. Rains Company purchased equipment on January 1 at a list price of $125,000, with a 2% discount if payment is made within a 10-day discount period. Payment was made within the discount period. Rains paid $6,250 sales tax on the equipment, and paid installation charges of $2,200. Prior to installation, Rains paid $5,000 to pour a concrete slab on which to place the equipment. What is the total cost of the new equipment? A) $131,250. B) $135,950. C) $138,450. D) $126,250. 21. Intangible assets A) B) C) D) should be reported under the heading Property, Plant, and Equipment. are not reported on the balance sheet because they lack physical substance. should be reported as Current Assets on the balance sheet. should be reported as a separate classification on the balance sheet