Western Company bought two pickup trucks and a forklift from a financially distressed supplier and had them
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Western Company bought two pickup trucks and a forklift from a financially distressed supplier and had them shipped to the company's plant. The purchase price was \(\$ 25,000\) plus \(\$ 1,250\) that was paid for the shipping charge. The forklift was only half as large as a truck and weighed half as much. Appraised values of the trucks and forklift and costs of initial repairs to get them ready for service were as follows:
Determine the cost of each asset for accounting purposes.
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