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Point 1: Cullumber Limited purchased a machine on account on April 2, 2018, at an invoice price of $330,810. On April 4, it paid $2,120 for delivery of the machine. A one-year, $3,960 insurance policy on the machine was purchased on April 5. On April 18, Cullumber paid $7,640 for installation and testing of the machine. The machine was ready for use on April 30.
Point 2: Cullumber estimates the machine's useful life will be five years or 6,207 units with a residual value of $81,070. Assume the machine produces the following numbers of units each year: 930 units in 2018; 1,408 units in 2019; 1,526 units in 2020; 1,263 units in 2021; and 1,080 units in 2022. Cullumber has a December 31 year end.
Question 1: Determine the cost of the machine.
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