On January 1, 2013 Buy Company purchase a tractor. Buy paid $ 10,000 down and signed a noninterest bearing note requiring $ 60 ,000 to be paid on December 31, 2016. The fair value of the tractor is not determinable. An interest rate of 10% properly reflects the time value of money for this type of loan agreement. The company's fiscal year end is December 31
Required: Answer the following questions with respect to the cost and acquisition of Tractor
At what amount is the tractor brought on the books ?