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Jose purchased a delivery van for his business through an online auction. His winning bid for the van was $37,500. In addition, Jose incurred the following expenses before using the van: shipping costs of $850; paint to match the other fleet vehicles at a cost of $1,480; registration costs of $2,913, which included $2,700 of sales tax and a registration fee of $213; wash and detailing for $101; and an engine tune-up for $269.

What is Jose's cost basis for the delivery van?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9976325

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