Acquisition Cost of Long-Lived Asset The following data relate to a firm's purchase of a machine used in the manufacture of its product: Invoice price $22,000 Applicable sales tax 1,400 Cash discount taken for prompt payment Freight paid 600 460 Cost of insurance coverage on machine while in transit 325 Installation costs Testing and adjusting costs Repair of damages to machine caused by the firm's employees Prepaid maintenance contract for first year of machine's use 1,200 675 750 500 Determine the acquisition cost of the machine. Acquisition Cost = $