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An entity acquired a new processing machine on June 30, 2020. Details of the acquisition were:
Invoice cost 3,200,000
Cost of transportation to the entity's factory 100,000
Cost of installation:
Labor paid 70,000
Materials used 30,000
Payment for strengthening the floor to support the weight of the new machine 160,000
Problem 1: What is the correct cost of the new machine?
Group of answer choices
Option 1: 3,280,000
Option 2: 3,244,000
Option 3: 3,184,000
Option 4: 3,104,000
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