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A company purchased a piece of equipment by paying $7,000 cash. A shipping cost of $500 to get the equipment to its factory was
A company purchased a piece of equipment by paying $7,000 cash. A shipping cost of $500 to get the equipment to its factory was also incurred. The fair value of the equipment was $7,400 at the time of the purchase. For what amount should the company record the equipment? Multiple Choice $7,000
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