Eaton Inc. purchases the following used items at an auction for $88,000 cash: a drill press, a lathe, and an air compressor. The equipment is in excellent condition except for the motor on the lathe, which will cost $1,980 to replace with a new motor. The company determines that selling prices for the used items are as follows: drill press, $18,480; lathe with the new motor, $52,800; and air compressor, $23,100. Prepare the entry to record (a) acquisition of