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| Richard purchases a new piece of machinery for his farm. The cost of the machinery net of sales tax is $27,500. Richard is charged irrecoverable sales tax of $5,500 on the purchase. The cost of transporting and installing the machine was $850. Richard has insured the machine for $1,200 per year. How much should Richard capitalise initially for the machine? A $27,500 B $29,550 C $33,000 D $33,850 |