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Lofton Company purchased a delivery truck. The total cash payment was $27,900, including the following items. Negotiated purchase price$24,000Installation of special shelving1,100Painting and lettering900Motor vehicle

Lofton Company purchased a delivery truck. The total cash payment was $27,900, including the following items.

Negotiated purchase price$24,000Installation of special shelving1,100Painting and lettering900Motor vehicle license100Annual insurance policy500Sales tax1,300Total paid$27,900

Explain how each of these costs would be accounted for.

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