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Smith company purchasess equipment for a contract price of $300,000 with terms of 2/10 n 30. They incur sales tax of $18,000 transportation costs of

Smith company purchasess equipment for a contract price of $300,000 with terms of 2/10 n 30. They incur sales tax of $18,000 transportation costs of $5,000 and installation costs of $15,000 and uninsured damages of $7,000. Prepare the entry assuming the company does not take the discount.

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