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Goldmine Limited purchases a second-hand fire engine for use in its mining operations. Costs incurred were:

Goldmine Limited purchases a second-hand fire engine for use in its mining operations.

Costs incurred were:

Cost ex Auckland dealer

$25,000

Delivery charges

$1,000

Reconditioning of engine

$2,000

Registration (one-off)

$800

Repaint before use

$400

Diesel

$150

Annual registration 

$250

At what value should this fire engine initially be recorded in Goldmine Limited's financial statements?

Select one:

a. $25,000

b. $29,200

c. $26,800

d. $29,600

e. $29,450

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