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On 1/1, the CIF Farm bought equipment by paying $9,000 cash. They also incurred a freight and taxes of $721 to get the equipment to

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On 1/1, the CIF Farm bought equipment by paying $9,000 cash. They also incurred a freight and taxes of $721 to get the equipment to their farm. The market value of this equipment is $13,000. What amount should be recorded in the equipment account on 1/1

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