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What is amount to record for the acquisition cost of machine

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Reference no: EM13872411

In January 2014, Barbie Company entered into a contract to acquire a new machine for its factory. The machine, which had a cash price of $300,000, was acquired in exchange for the following:

Down payment

$ 30,000

Note payable in 24 equal monthly installments

240,000

500 shares of Barbie common stock, with an agreed value of $100 per share

50,000

Total

$ 320,000

Prior to the machine's use, installation costs of $8,000 were incurred. What is the amount to record for the acquisition cost of the machine.

Reference no: EM13872411

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