Phillipines Trucking bought three used trucks for \(\$ 60,000\). An independent appraisal of the trucks produced the following figures:

Phillipines Trucking paid \(\$ 21,000\) in cash and signed a note for the remainder. Record the purchase in the general journal on February 1, identifying each truck's individual cost in a separate Truck account. Phillipines Trucking rounds percentage calculations to two decimal places and all costs to the nearest whole dollar as it feels greater precision is not material.

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Truck Appraised Value 1 -23 $24,000 23,000 3 20,000