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on january 1 2014 abraham company purchased the following two machines for use in it 4271662

On January 1, 2014, Abraham Company purchased the following two machines for use in its production process.

Machine A: The cash price of this machine was $55,000. Related expenditures included: sales tax $2,750, shipping costs $100, insurance during shipping $75, installation and testing costs $75, and $90 of oil and lubricants to be used with the machinery during its first year of operation. Abraham estimates that the useful life of the machine is 4 years with a $6,000 salvage value remaining at the end of that time period.

Machine B: The recorded cost of this machine was $130,000. Abraham estimates that the useful life of the machine is 5 years with a $10,000 salvage value remaining at the end of that time period.

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