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DENIUS [597]
3 years ago
12

Salvia Company recently purchased a truck. The price negotiated with the dealer was $42,500. Salvia also paid sales tax of $2,50

0 on the purchase, shipping and preparation costs of $3,500, and insurance for the first year of operation of $4,500. At what amount should the truck be recorded on the balance sheet prior to recording depreciation expense
Business
2 answers:
LenaWriter [7]3 years ago
8 0

Answer:

$48,500

Explanation:

Price $42,500

Sales tax on the purchase $2,500

shipping and preparation costs $3,500

$42,500+$2,500+$3,500=$ 48,500

Therefore the truck should be recorded on the balance sheet prior to recording depreciation expense with $48,500

lidiya [134]3 years ago
6 0

Answer: The amount to be recorded prior to deprecation is $48,500

Explanation:

To record the cost of the Truck on a balance sheet, prior to deprecation expenses. We need to add up all the cash spent in purchasing the truck. This are, how much task to be levied on the truck, how much the truck will cost and also how much it cost in shipping and preparation. This are the cash spent in acquiring the truck.

Therefore;

$42,500 + $2,500 + $3,500 = $48,500

Insurance premium cost will not be added, because it is not among the amount spent to acquire the truck.

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