Question 1 Incorrect Mark 0.00 out of 2.00 P Flag question Acquisition Cost of Long-Lived Asset The following data relate to a firm's purchase of a machine used in the manufacture of its product: Invoice price Applicable sales tax Cash discount taken for prompt payment Freight paid Cost of insurance coverage on machine while in transit Installation costs Testing and adjusting costs Repair of damages to machine caused by the firm's employees Prepaid maintenance contract for first year of machine's use $21,000 1,300 500 360 225 1,100 575 650 400 Determine the acquisition cost of the machine. Acquisition Cost = $ 25,610 x Check