posted previously and 306,560 is not the correct answer

Question 1 Incorrect Mark 0.00 out of 20.00 P Flag question Acquisition Cost of Long-Lived Asset The following data relate to a firm's purchase of a machine used in the manufacture of its product: Invoice price $299,000 Applicable sales tax 2.100 Cash discount taken for prompt payment 1,300 Freight paid 1.160 Cost of insurance coverage on machine while in transit 1,025 Installation costs 1.900 Testing and adjusting costs 1.375 Repair of damages to machine caused by the firm's employees 1,450 Prepaid maintenance contract for first year of machine's use 1,200 Determine the acquisition cost of the machine. Acquisition Cost = $ I I X