Brief Exercise 7-2 Determine the initial cost of equipment (LO7-1) Whole Grain Bakery purchases an industrial bread machine for $20,500. In addition to the purchase price, the company makes the following expenditures: freight, $1,050; installation, $2,100; testing, $550; and property tax on the machine for the first year, $410. What is the initial cost of the bread machine? Total cost of the bread machine