The following data relate to a firm's purchase of a machine used in the manufacture of its product: Invoice price $34,000 Applicable sales tax Cash discount taken for prompt payment 2,000 400 Freight paid 260 Cost of insurance coverage on machine while in transit 125 Installation costs 2,000 Testing and adjusting costs 475 Repair of damages to machine caused by the firm's employees 750 Prepaid maintenance contract for first year of machine's use 400 Determine the acquisition cost of the machine. Acquisition Cost = $

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The following data relate to a firm's purchase of a machine used in the manufacture of its product:
Invoice price
$34,000
Applicable sales tax
Cash discount taken for prompt payment
2,000
400
Freight paid
260
Cost of insurance coverage on machine while in transit
125
Installation costs
2,000
Testing and adjusting costs
475
Repair of damages to machine caused by the firm's employees
750
Prepaid maintenance contract for first year of machine's use
400
Determine the acquisition cost of the machine.
Acquisition Cost = $
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The following data relate to a firm's purchase of a machine used in the manufacture of its product: Invoice price $34,000 Applicable sales tax Cash discount taken for prompt payment 2,000 400 Freight paid 260 Cost of insurance coverage on machine while in transit 125 Installation costs 2,000 Testing and adjusting costs 475 Repair of damages to machine caused by the firm's employees 750 Prepaid maintenance contract for first year of machine's use 400 Determine the acquisition cost of the machine. Acquisition Cost = $

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