Question 47 (2 points) Midland Inc, purchased a machine on September 1 for $87000, paying cash. The company also paid $1500 for freight, $900 for installation and testing, $600 for employee training, $800 for supplies to be used in production, and $1800 for a one- year insurance policy. The machine has a residual value of $6000 and a useful life of 5 years. What is this machine's acquisition cost? Next Page Page 3 of 7