On January 1, 20A, Reagan Company Purchased a Machine

Essay

On January 1, 20A, Reagan Company purchased a machine. The price quoted by the seller was
$10,000 less 2% if paid within 15 days of the invoice date. Paid with cash were: transportation,
$300; installation, $600; and sales tax, $200. Give the entry to record the acquisition assuming the discount was taken.