On March 1,Wright Company Purchased New Equipment for $50,000 by Paying

Multiple Choice

On March 1,Wright Company purchased new equipment for $50,000 by paying cash.Other costs associated with the equipment were:
Transportation costs,$1,000; sales tax paid $3,000; and installation cost,$2,500.At what amount will the equipment be recorded at on a balance sheet?

A) $56,500
B) $54,000
C) $51,000
D) $50,000