Problem 1 ( 6 points) Jagroop Incorporated purchased a large piece of manufacturing equipment on January 1t., The following costs were associated with procuring it. Identify its acquisition cost and journalize its parchase on January 10m in the space below. - Price was $350,000 and purchased with terms 2/15,n/30. Jagroop lne paid on January 10a. - Inbound freight costs were $10,000. - California requires such equipment to have specially designed electrical systems. The cost of this system was $25,000. - Jagroop Inc's corporate colors are red and grey, the equipment was painted these colors for $6,000. - Worried for the safe shipping of the equipment, the company paid an additional $5,000 for shipping insurance. - To integrate this top of the line equipment, the manufacturing line was reorganized to maximize the efficiency of the new machine. This cost $22,000. - A month after installation, the machine broke down and needed $10,000 of repairs to restore it to operating condition. Page 7 of 14