On September 30, 2016, Totem Builders Ltd. purchased a new truck for $150,000 from a dealership in Toronto, and paid $2,000 to bring the truck to Totems head office in Calgary. In addition to this, Totem incurred $18,000 for the required modifications to make the truck ready for its intended use. The estimated useful life of the truck is 5 years or 300,000 km. and a residual value of $50,000. The company has a December 31 year-end

Record the journal entry for the purchase of the new truck