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United Van Lines purchased a truck with a list price of
$250,000 subject to a 6% discount if paid within 30 days. United Van Lines paid
within the discount period. It paid $4,000 to obtain title to the truck with
the state and an $800 license fee for the first year of operation. It paid
$1,500 to paint the firm’s name on the truck and $2,500 for property and
liability insurance for the first year of operation. What acquisition cost of
this truck should United Van Lines record in its accounting records? Indicate
the appropriate accounting treatment of any amount not included in acquisition
cost.
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