Bad Brads BBQ purchased a piece of equipment by paying $5,000 cash. They also incurred a shipping cost of $400 to get the equipment to its factory. The fair value of this equipment is $7,000. For what amount should Bad Brads BBQ record the equipment?
A) $5,000.
B) $5,400.
C) $7,000.
D) $7,400.
Correct Answer:
Verified
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