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On January 1, 2016, ABC Company purchased a machine costing $60,000. ABC Company also incurred the following costs: transportation, $2,000; installation, $3,000; and sales tax,

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On January 1, 2016, ABC Company purchased a machine costing $60,000. ABC Company also incurred the following costs: transportation, $2,000; installation, $3,000; and sales tax, $4,000. Required: Prepare the journal entry to record the machine acquisition assuming cash was paid

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