art 1 - Chapter 8 Equipment Acquisition and Depreciation 1. On January 1st,2023, the Springfield Nuclear Power Plant purchased a new nuclear waste disposal unit, after explicit orders from the government. You've been assigned to assist Mr. H. Simpson in correctly identifying the cost of the unit and making the appropriate journal entries. Here is the following relevant information about its purchase: - SNPP paid General Electric $1,500,000 for the disposal unit, plus 10% tax. It was paid entirely in Cash. - Shipping from GE to Springfield cost $25,000. Along the way the SNPP representative, stopped an Moe's and charged $500 to the corporate card. - Since SNPP has never had a waste disposal unit, connections had to be created and part of the plant redesigned, which cost $200,000. - Mr. Burns was very worried about the unit, so he paid for insurance on the unit during it's shipping and installation. The insurance cost $10,000. - During the installation, Homer was understandably distracted by the donuts you brought for the team and left the forklift unsupervised. Lenny drove it into the unit, puncturing its side. It wouldn't work without immediate repairs, which were completed after a 3-day delay and the cost of $30,000. - The EPA mandated an inspection of the unit after installation. The inspection revealed that Mr. Burns hadn't plugged it in and thus the machine had to be moved, plugged in, and reinstalled for $5,000 at the EPA's order. - The disposal unit has state required safety attachments, which cost $20,000 to install. a. (5pts) How much did the machine cost? Chart of Accounts Here is a list of accounts that you may use in the exam. The needed accounts are present, plus a few 'possibly' unnecessary ones. b. (2pts) Write the journal entry for the acquisition of the disposal unit on January 1st