Question 1 (5 Marks) Machine #3 had a $77,440 invoice price. The company paid freight charges on Machine #3 of $610 and the machine was then placed on a special concrete base that cost $950. It was assembled and installed by the company's own employees. During assembly and adjustment, a motor component was accidentally dropped requiring $2000 of repairs. Wages of employees involved in the installation were $1000. All payments related to Machine #3 were completed before it was put to use. Required: 1. Calculate the capital cost of Machine #3. 2. What would be the journal entry to record the acquisition?