Reference no: EM132499318
Question 1: The Vulcan Community Hospital purchased $1,500,000 worth of an MRI. The hospital paid $6,000 for transportation and paid $8,000 for installation. The transportation and installation payments were paid in cash and the machine payment was paid on a long-term account. Which is the correct recording regarding the financial event?
Group of answer choices
A. Credit $6,000 on Transportation Expenses
B. Credit $14,000 on Cash
C. Debit $1,500,000 Plant&Equipment
D. Debit $8,000 on Installation Expenses
E. Debit $1,514,000 on Plant&Equipment
F. Credit $1,500,000 on Loan Payable
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