Submit Salvia Company recently purchased a truck. The price negotlated with the dealer was $43,500. Salvia also paid sales tax of $2.700 on the purchase, shipping and preparation costs of $3,700, and insurance for the first year of operation of $4,700. At what amount should the truck be recorded on the balance sheet prior to recording depreciation expense? Multiple Choice $47,200. $49.900. $43,500. $46,200.

Submit Salvia Company recently purchased a truck. The price negotlated with the dealer was $43,500. Salvia also paid sales tax of $2.700 on the purchase, shipping and preparation costs of $3,700, and insurance for the first year of operation of $4,700. At what amount should the truck be recorded on the balance sheet prior to recording depreciation expense? Multiple Choice $47,200. $49.900. $43,500. $46,200.

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter2: Asset And Liability Valuation And Income Recognition

Section: Chapter Questions

Problem 5QE

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