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Business, 24.04.2020 15:40 maxi12312345

Mad Hatter Enterprises purchased new equipment for $375,000, terms f. o.b. shipping point. Other costs connected with the purchase were as follows: State sales tax $ 30,200 Freight costs 6,600 Insurance while in transit 900 Insurance after equipment placed in service 1,300 Installation costs 2,500 Insurance for the first year of operations 2,900 Testing 800 Required: Determine the capitalized cost of the equipment.

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