India Trucking bought three used trucks for $60,000. An independent appraisal of the trucks produced the following figures:
Truck No. Appraised Value
1..........................................$24,000
2............................................22,000
3............................................20,000
India Trucking paid $21,000 in cash and signed a note for the remainder. Record the purchase in the general journal on February 1 identifying each truck's individual cost in a separate Truck account.