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What amount should the truck be recorded on balance sheet

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Problem 1: Salvia Company recently purchased a truck. The price negotiated with the dealer was $47,000. Salvia also paid sales tax of $3,400 on the purchase, shipping and preparation costs of $4,400, and insurance for the first year of operation of $5,400. At what amount should the truck be recorded on the balance sheet prior to recording depreciation expense?

Option 1: $50,400.
Option 2: $47,000.
Option 3: $54,800.
Option 4: $51,400.

Reference no: EM132832217

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