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Presto Company purchased equipment and these costs were incurred: Cash price $27,500 Sales taxes 1,800 Insurance during transit 320 Installation and testing 430 Total costs

Presto Company purchased equipment and these costs were incurred:

Cash price $27,500
Sales taxes 1,800
Insurance during transit 320
Installation and testing

430

Total costs

$30,050

Presto will record the acquisition cost of the equipment as

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