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What was the recorded cost of purchasing the tractor

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Question 1: Joe & Co. purchased a used tractor for hauling materials in the business. The tractor had a purchase price of $25,000. Before starting to use the tractor, Joe & Co. paid $3,300 to overhaul the engine, $1,100 for shipping of the tractor, and $4,200 for the next year's insurance. What was the recorded cost of purchasing the tractor?

Option 1: $28,300

Option 2: $33,600

Option 3: $25,000

Option 4: $29,400

Reference no: EM132592903

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