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On March 1, Wright Company purchased new equipment for $52,000 by paying cash. Other costs associated with the equipment were: transportation costs, $1,400; sales tax

On March 1, Wright Company purchased new equipment for $52,000 by paying cash. Other costs associated with the equipment were: transportation costs, $1,400; sales tax paid $3,400; and installation cost, $2,900. At what amount will the equipment be recorded on a balance sheet?

$53,400.

$59,700.

$56,800.

$52,000.

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