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On March 1, Wright Company purchased new equipment for $57,500 by paying cash. Other costs associated with the equipment were: transportation costs, $2,500; sales tax
On March 1, Wright Company purchased new equipment for $57,500 by paying cash. Other costs associated with the equipment were: transportation costs, $2,500; sales tax paid $4,500; and installation cost, $4,000. At what amount will the equipment be recorded on a balance sheet?
$57,500.
$60,000.
$64,500.
$68,500.
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