point(s) possible | Charles Flooring Company recently purchased a new tile-cutting machine with an invoice price of $215,500. The cost of delivery was $2,000 and installation amounted to $3,550. To test the machine, St. Charles cut 100 tiles that cost $4.50 each. The esting process lasted 2 hours and involved three employees who eam $20 per hour. Management removed the employees from their regular production shifts to engage in the testing. The company held training sessions costing $6,000 for all employees after ostalling the machine Read the requirements Requirement a. Determine the cost of the machine and any expenses incurred during the acquisition The cost of the machine is 5 and the costs charged to expense related to the acquisition is $ Requirement b. Prepare the journal entries necessary to record the amount of costs capitalized and the costs charged to expense related to the acquisition. Assume that all expenditures were made in cash. (Record debits first, then credits. Exclude explanations from any joumal entries.) First record a joumal entry for the amount of costs capitalized. Do not record the costs charged to expense related to the acquisition. We will do that in the next step Account Current Year Now record a joumal entry for the costs charged to acquisition Account Current Year