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What is the cost of the new truck

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Reference no: EM132818467

On January 2, 2018, DCL Delivery Company traded in an old delivery truck for a newer model. Data relative to the old and new trucks follow:

Old Truck

Original cost......................................................... $18,000
Accumulated Depreciation at January 2, 2018 .... 12,000
Fair value ............................................................. 6,000

New Truck

List price .............................................................. $30,000
Cash price without trade-in .................................. 27,000
Cash paid with trade-in ........................................ 22,000

Problem 1: What is the cost of the new truck? Please include a brief explanation of this cost, and how you determined it.

Reference no: EM132818467

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