7) Crass Spray Inc. (CSI) purchased equipment costing $60,000 on September 1, 2023. CSI made a $20,000 down payment and took out a loan for the remaining amount. Other cash expenditures related to this purchase included: Insurance during shipping: $500 Annual insurance policy: $2,400 Installation and testing costs: $600 Staff training costs on how to run the new equipment: $700 262 VOR Required (9 marks): Determine the cost of the new equipment and record all required journal entries related to this equipment (you can ignore depreciation expense for the year). 29162 ES 85.00

7) Crass Spray Inc. (CSI) purchased equipment costing $60,000 on September 1,2023 . CSI made a $20,000 down payment and took out a loan for the remaining amount. Other cash expenditures related to this purchase included: Insurance during shipping: $500 Annual insurance policy: $2,400 Installation and testing costs: $600 Staff training costs on how to run the new equipment: $700 Required ( 9 marks): Determine the cost of the new equipment and record all required journal entries related to this equipment (you can ignore depreciation expense for the year)