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Canopy LTD. purchases two identical machines, Machine X and Machine Y using cash. Machines cost...

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Accounting

Canopy LTD. purchases two identical machines, Machine X and Machine Y using cash. Machines cost $250,000 each. Machine A will be installed for a cost of $80,000. Machine B will not be installed, but will be available as a backup in case Machine A fails.

QUESTION: Prepare the journal entry to record the purchase:

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