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At what net amount will Chicago Furniture report the truck

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Question - On January 1, 2020, Chicago Furniture purchased a new delivery truck. The company paid $80,000 for the truck, $16,000 for an annual insurance policy and $1,700 for a motor vehicle license. The truck has an estimated residual value of $7,000 at the end of its 4 year useful life and Chicago Furniture uses the double-declining-balance method for other similar assets. At what net amount will Chicago Furniture report the truck on its statement of financial position at December 31, 2020?

Reference no: EM133127021

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