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7. Woodridge Companies purchased a new machine that was on sale for $100,000. The CEO's brother installed the machine and charged Woodridge $10,000. If the

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7. Woodridge Companies purchased a new machine that was on sale for $100,000. The CEO's brother installed the machine and charged Woodridge $10,000. If the regular price of the machine is $110,000 and the cost to install it should have been $20,000, how should Woodridge record the value of the asset on their balance sheet? $130,000 $120,000 $110,000 $100,000

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