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35) Nelson Company purchased equipment and incurred the following expenses: (a) cash price = $55,000; (b) sales taxes = $4,400; (C) insurance during transit =

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35) Nelson Company purchased equipment and incurred the following expenses: (a) cash price = $55,000; (b) sales taxes = $4,400; (C) insurance during transit = $400; and side preparation, installation, and testing = $2300. What amount should be used as the cost basis of the equipment

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