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Question 7 1 pts A company purchased a piece of equipment by paying $5,000 cash. Shipping cost of $400 to get the equipment to its

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Question 7 1 pts A company purchased a piece of equipment by paying $5,000 cash. Shipping cost of $400 to get the equipment to its factory was also incurred. The fair value of this equipment is $7,000. For what amount should the company record the equipment? $5.000. $5,400. O $7.400 O $7,000

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