The transaction to record the cost of the equipment

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Reference no: EM131255871

On January 1, Farmington Bakery Co. purchased baking equipment for $150,000 from AM Manufacturing for a new location they are opening. Additionally, they paid sales tax of $13,500, shipping of $1,000, and insurance during transit of $200. During unloading, the equipment was damaged, which cost Farmington $800 to repair. Installation cost $1,500. Once installed, Farmington purchased a six-month equipment insurance policy for $600 to cover loss or damage. The transaction to record the cost of the equipment would include

Reference no: EM131255871

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