On January 1, 2017, Chicago Furniture purchases a new delivery truck. The company pays $80,000 for...

 

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On January 1, 2017, Chicago Furniture purchases a new delivery truck. The company pays $80,000 for the truck, sales taxes of $4,500, and delivery costs of $2,300. Chicago Furniture pays a local vendor s4,800 to paint the company's name and logo on the side of the truck. The company alsd pays $16,000 for an annual insurance policy and $1,700 for a motor vehicle license. At what amount will Chicago Furniture record the truck on Its statement of financial position at January1, 20177 $87,100 O s80,000 O $91,600 O s109,300 On January 1, 2017, Chicago Furniture purchases a new delivery truck. The company pays $80,000 for the truck, sales taxes of $4,500, and delivery costs of $2,300. Chicago Furniture pays a local vendor s4,800 to paint the company's name and logo on the side of the truck. The company alsd pays $16,000 for an annual insurance policy and $1,700 for a motor vehicle license. At what amount will Chicago Furniture record the truck on Its statement of financial position at January1, 20177 $87,100 O s80,000 O $91,600 O s109,300

Answer rating: 100% (QA)

ANSWER Cost of Furniture to be recorded Purchase Price Sales Taxes ... View the full answer