Question 5 Not complete Marked out of 1.00 P Flag question 500 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 $25,000 Applicable sales tax 1,700 Cash discount taken for prompt payment Freight paid 760 Cost of insurance coverage on machine while in transit Installation costs 1,500 Testing and adjusting costs Repair of damages to machine caused by the firm's employees 1,050 Prepaid maintenance contract for first year of machine's use 625 975 800 Determine the acquisition cost of the machine Acquisition Cost = $