Sunland Company incurs these expenditures in purchasing a truck: cash price $27.130, accident insurance (during use)...

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Sunland Company incurs these expenditures in purchasing a truck: cash price $27.130, accident insurance (during use) $2,050,

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Answer 1

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Answer #1

Cost of truck = Cash price + Sales tax + Painting and lettering

= 27,130+1,600+2,220

= $30,950

Motor vehicle license and accident insurance are recurring expenditures and thus these are treated as expenses as they are incurred.

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Answer 2

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