On July 1, 2016, Chicago Furniture purchased a new delivery truck. The company paid $80,000 for the truck, $16,000 for an annual insurance policy and $1,700 for a motor vehicle license. The truck has an estimated residual value of $7,000 at the end of its 4 year useful life and Chicago Furniture uses the double-declining- balance method for other similar assets. At what net amount will Chicago Furniture record the truck on its statement of financial position at December 31, 2016? Select one: $40,000 $80,000 $60,000 O $36,500