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Arab Company purchased equipment and these costs were incurred: Cash price $55000; Sales taxes $1000; Insurance during transit $800; Installation and testing $100. Arab will

image text in transcribed Arab Company purchased equipment and these costs were incurred: Cash price $55000; Sales taxes $1000; Insurance during transit $800; Installation and testing $100. Arab will record the acquisition cost of the equipment as $56,800.a $56,900.b $56,000.c $56,100.d

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