On january 1 pete bought a used a used turck for 14000 he

Reference no: EM13597629

The following events toook place at pete's painting company during 2010.

(a) On January 1, Pete bought a used a used turck for $14,000. He added a tool chest and side racks for ladders for $4,800. The truck is expectedc to last four years and then be sold for $800. Pete uses straight line depreciation.

(b) On January 1, he purchase severla items at an auction for $2,400. the items had fair 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 paaint trays and roller covers this year. the storage cabinets are expected to last nine years. the ladders and scafflolding ,four years.

Reference no: EM13597629

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