Problem $7-2$A Determine the acquisition cost of equipment $($LO$7-1)$

Great Harvest Bakery purchased bread ovens from New Morning Bakery. New Morning Bakery was closing its bakery business and sold its two$-$year$-$old ovens at a discount for $$695,000.$ Great Harvest incurred and paid freight costs of $$32,500,$ and its employees ran special electrical connections to the ovens at a cost of $$4,500.$ Labor costs were $$35,300.$ Unfortunately, one of the ovens was damaged during installation, and repairs cost $$4,500.$ Great Harvest then consumed $$850$ of bread dough in testing the ovens. It installed safety guards on the ovens at a cost of $$1,450$ and placed the machines in operation.

Required:

Show the amount at which the ovens should be recorded in Great Harvest$$s Equipment account.

Indicate where any amounts not included in the Equipment account should be recorded.