You are a staff accountant in a CPA firm. Your manager has asked you to provide a report containing accounting information on the following client: Global Inc. purchased a machine and incurred the following expenditures: Purchase price $20,000 Freight costs $1,000 Sales tax $2,000 Insurance on shipment $200 Insurance for the first year on the machine $500 Installation of the machine $2,000 Calculate the cost to be capitalized. Make an entry that will show which expenses will be capitalized when recording the machine on the books. Show the entry that will be recorded to expense the cost that will not be capitalized