2. A company purchased a piece of equipment by paying $15,000 cash. A shipping cost of $900 to get the equipment to its factory was also incurred. The fair value of the equipment was $9,000 at the time of the purchase. For what amount should the company record the equipment?

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Answer rating: 100% (QA)

According to accounting principles the equipment should be recorded at the lower of its cost ... View the full answer