DO IT$!9\mathrm{.}1($LO $1),$ C Hummer Company purchased a delivery truck. The total cash payment was $$30,020,$ including the following items.

Explain accounting for cost of plant assets.

Negotiated purchase price

$$

$$24,000$

Installation of special shelving

$1,100$

Painting and lettering

$900$

Motor vehicle license

$180$

Two$-$year insurance policy

$2,400$

Sales tax

$1,440$

$$Total paid

$$30,020$

Explain how each of these costs would be accounted for.