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Hidden lakes company purchased a delivery truck

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Hidden Lakes Company purchased a delivery truck. The total cash payment was $30,020, including the following items.

Negotiated purchase price

$24,000

Installation of special shelving

1,100

Painting and lettering

900

Motor vehicle license

180

Annual insurance policy

2,400

Sales tax

1,440

Total paid

$30,020

Explain how each of these costs would be accounted for.

Reference no: EM13512354

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