for each situation, determine the value assigned to the asset when it is purchased

January 1, Pete bought a used truck for $14,000. He added a tool chest and side racks for ladders for $4.00. The truck is expected to last four years and then be sold for $800. Pete uses straight-line depreciation b. On January 1, he purchased several items at an action for $2.400. These as had a market values as follows: 10 cases of paint trays and roller covers $200 Storage cabinets 600 Ladders and scaffolding 2,400 Pete will use all of the paint trays and roller covers this year. The storage Cabinets are expected to last nine years, the ladders and scaffolding, four years. con February 1, Pete paid the city $1.500 for a three-year license to operate the business d. On September 1, Pete sold an old truck for $4,800 that had cost $12,000 when it was purchased on September 1, 2012. It was expected to last eight years and have a salvage value of $800. Pete used the straigh ane method of depreciation Required: 1. For each situation, determine the value assigned to the asset when it is purchased. For (a), determine the book value when it is sold. Do not round intermediate calculations Asset Relevant Value a. Recorded cost of truck 18,800 b. Part 1 - recorded amount of supplies 150 b. Part 2 - recorded cost of orice furniture 2,025 x b. Part 3 - recorded cost of equipment 3,000 x c. Recorded cost of prepaid license 1,296 X d. Book value of truck at time of sale 800 X 2. Determine the amount of depreciation or other expense to be recorded for each asset for 2017. Do not round intermediate calculations. If required, round your final answers to the nearest dollar January 1, Pete bought a used truck for $14,000. He added a tool chest and side racks for ladders for $4.00. The truck is expected to last four years and then be sold for $800. Pete uses straight-line depreciation b. On January 1, he purchased several items at an action for $2.400. These as had a market values as follows: 10 cases of paint trays and roller covers $200 Storage cabinets 600 Ladders and scaffolding 2,400 Pete will use all of the paint trays and roller covers this year. The storage Cabinets are expected to last nine years, the ladders and scaffolding, four years. con February 1, Pete paid the city $1.500 for a three-year license to operate the business d. On September 1, Pete sold an old truck for $4,800 that had cost $12,000 when it was purchased on September 1, 2012. It was expected to last eight years and have a salvage value of $800. Pete used the straigh ane method of depreciation Required: 1. For each situation, determine the value assigned to the asset when it is purchased. For (a), determine the book value when it is sold. Do not round intermediate calculations Asset Relevant Value a. Recorded cost of truck 18,800 b. Part 1 - recorded amount of supplies 150 b. Part 2 - recorded cost of orice furniture 2,025 x b. Part 3 - recorded cost of equipment 3,000 x c. Recorded cost of prepaid license 1,296 X d. Book value of truck at time of sale 800 X 2. Determine the amount of depreciation or other expense to be recorded for each asset for 2017. Do not round intermediate calculations. If required, round your final answers to the nearest dollar