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Colors Company purchased a piece of machinery for $ 4 , 0 0 0 . The company paid $ 1 , 5 0 0 at

Colors Company purchased a piece of machinery for $

4, 000 .

The company paid $

1, 500

at the time of the purchase, and agreed to pay the remaining $

2, 500

one month later. The entry to record this transaction would include which of the following elements?

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