Whole Grain Bakery purchases an industrial bread machine for $24,500. In addition to the purchase price, the company makes the following expenditures: freight, $1,450; installation, $2,900; testing, $950; and property tax on the machine for the first year, $490.Whole Grain Bakery purchases an industrial bread machine for $24,500. In addition to the purchase price, the company makes the following expenditures: freight, $1,450; installation, $2,900; testing, $950; and property tax on the machine for the first year, $490.

Required:
What is the initial cost of the bread machine?