York 3 - Chapter 6.7 & 8 Saved Help Save & Exit Check Exercise 8-15A Revision of estimated useful life LO 8-7 On January 1, Year 1, Poultry Processing Company purchased a freezer and related installation equipment for $60,300. The equipment had a three-year estimated life with a $3,900 salvage value. Straight-line depreciation was used. At the beginning of Year 3, Poultry Processing revised the expected life of the asset to four years rather than three years. The salvage value was revised to $2,900 Required Compute the depreciation expense for each of the four years, Year 1-Year 4. ok Depreciation Expense Year 1 Year 2 Year 3 Year 4 Edmonds JFAB_1.pptx ework 3 - Chapter 6.7 & 8 i MA Saved Help Save CI Exercise 8-16A Distinguishing between revenue expenditures and capital expenditures LO 8-8 Bill's Wrecker Service has just completed a minor repair on a tow truck. The repair cost was $1120, and the book value prior to the repair was $4,530. In addition, the company spent $7,000 to replace the roof on a building. The new roof extended the life of the building by five years. Prior to the roof replacement, the general ledger reflected the Building account at $85,500 and related Accumulated Depreciation account at $37.800. Required After the work was completed what book value should appear on the balance sheet for the tow truck and the building? k Book Value Tow Truck Building