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Mad Hatter Enterprises purchased new equipment for $365,000, FOB shipping point. Other costs connected with the purchase were as follows: State sales tax $29,200 Freight
Mad Hatter Enterprises purchased new equipment for $365,000, FOB shipping point. Other costs connected with the purchase were as follows: State sales tax $29,200 Freight costs 5,600 Insurance while in transit 800 Insurance after equipment is placed in service 1,200 Installation costs 2,000 Testing, including $300 of spoilage 700 Determine the capitalized cost of the equipment
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