Jose purchased a delivery van for his business through an online auction. His winning bid for the van was $35,750. In ad
Posted: Tue Nov 16, 2021 9:22 am
Jose purchased a delivery van for his business through an online
auction. His winning bid for the van was $35,750. In addition, Jose
incurred the following expenses before using the van: shipping
costs of $1,240; paint to match the other fleet vehicles at a cost
of $1,630; registration costs of $5,088, which included $4,850 of
sales tax and an annual registration fee of $238; wash and
detailing for $104; and an engine tune-up for $326. What is Jose’s
cost basis for the delivery van?
auction. His winning bid for the van was $35,750. In addition, Jose
incurred the following expenses before using the van: shipping
costs of $1,240; paint to match the other fleet vehicles at a cost
of $1,630; registration costs of $5,088, which included $4,850 of
sales tax and an annual registration fee of $238; wash and
detailing for $104; and an engine tune-up for $326. What is Jose’s
cost basis for the delivery van?