Question : You purchased a car for personal use for $30,000 a
You purchased a car for personal use for $30,000 a few years ago. You paid $5,000 down and borrowed $25,000 to purchase the car. As of today you still owe the bank $6,000 on the loan. The car is currently worth $16,000 according to Kelley Blue Book. How would you list this car on a personal balance sheet for January 27, 2017?
A. Tangible asset worth $30,000
B. Investment asset worth $14,000
C. Non-current liability worth $6,000
D. Tangible asset worth $16,000