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Taylor Company buys a lift truck with a list price of $40,000. The dealer grants a 15% reduction in list price and an additional 2% cash discount on...
Taylor Company buys a lift truck with a list price of $40,000. The dealer grants a 15% reduction in list price and an additional 2% cash discount on the net price if payment is made in 30 days. Sales taxes amount to $500 and the company paid an extra $400 to have a special horn installed. What should be the recorded cost of the truck? A. $33,320. B. $34,160. C. $34,220. D. $33,820. Garner Company exchanged 600 shares of Eller Company common stock, which Garner was holding as an investment, for equipment from West Company. The Eller Company common stock, which had been purchased by Garner for $50 per share, had a quoted market value of $58 per share at the date of exchange. The equipment had a recorded amount on West"s books of $32,000. What journal entry should Garner make to record this exchange? A. Equipment .........................................................................
