Cost of assets subsequent book values and balance sheet

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Reference no: EM13567363

Cost of Assets, Subsequent Book Values, and Balance Sheet Presentation The following events took place at Pete's Painting Company during 2012: On January 1, Pete bought a used truck for $14,000. He added a tool chest and side racks for ladders for $4,800. The truck is expected to last four years and then be sold for $800. Pete uses straight-line depreciation. On January 1, he purchased several items at an auction for $2,400. These items had fair market values as follows: 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. On February 1, Pete paid the city $1,500 for a three-year license to operate the business. On September 1, Pete sold an old truck for $4,800 that had cost $12,000 when it was purchased on September 1, 2007. It was expected to last eight years and have a salvage value of $800. Required: Determine the amount of depreciation or other expense to be recorded for each asset for 2012. Do not round intermediate calculations. If required, round your final answers to the nearest dollar. Truck depreciation $ b. Part 1 - supplies expense $ b. Part 2 - office furniture depreciation $ b. Part 3 - equipment depreciation $ c. License amortization $ d. Part 1 - old truck depreciation $ d. Part 2 - gain/loss on the sale.

Reference no: EM13567363

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