Cost of Assets, Subsequent Book Values, and Balance Sheet Presentation The following events took place at Pete's Painting Company during 2017: a. On January 1, Pete bought a used truck for $15,000. He added a tool chest and side racks for ladders for $4,600. The truck is expected to last four years and then be sold for $1,200. Pete uses straight-line depreciation. b. On January 1, he purchased several items at an auction for $2,925. These items had fair market values as follows: 10 cases of paint trays and roller covers $200 Storage cabinets 900 Ladders and scaffolding 2,800 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. c. On February 1, Pete paid the city $1,440 for a three-year license to operate the business. d. On September 1, Pete sold an old truck for $4,280 that had cost $11,060 when it was purchased on September 1, 2012. It was expected to last eight years and have a salvage value of $500. Pete used the straight line method of depreciation. Required: 1. For each situation, determine the value assigned to the asset when it is purchased. For (d), determine the book value when it is sold. Do not round intermediate calculations. If required, round your final answers to the nearest dollar. Asset Relevant Value a. Recorded cost of truck b. Part 1 - recorded amount of supplies b. Part 2 - recorded cost of office furniture b. Part 3 - recorded cost of equipment c. Recorded cost of prepaid license d. Book value of truck at time of sale

Please answer all the letters from a to f. Please provide your solutions in good accounting form. Thank you so much. Please complete your answers with the requirements asked in the problem.

Scenario 2:A warehouse that cost $170,000 with a residual value of $10,000 is being depreciated over 20 years. On January 1, 2015, an additional wing was constructed for $80,000. At the time of the construction, the warehouse was 15 years old. The estimated life of the wing, considered separately from the original warehouse, is 10 years, and $15,000 is its estimated residual value. Record these entries: Assume that the warehouse and addition were sold on December 31, 2016, $147,000 cash. Record the entry for sale if, at the time of sale, the fair value of the original warehouse is $74,000, and the fair value of the addition is $73,000. Assume that the adjusting entries for 2016 have already been completed. Show the amount for gain/loss for the warehouse and addition as separate accounts.

Want the Correct answer of what

Sammie J’s pizza shop purchased a new delivery vehicle on January 1, 2015. The vehicle cost $16,850, has a salvage value of $2,270 and a useful life of 6 years. Calculate depreciation for years 1-6. On January 1st, 2018 Sammie J’s Pizza repaired the engine in the delivery truck for a cost of $3,800 for the vehicle that was originally purchased on January 1, 2015. This is a capital expenditure. Revise the depreciation for the delivery truck with the revised cost and new useful life of 8 years. I am using straight-line depreciation, please show me how the answer is calculated. Thank you so much

Based on the information on the attached file. Prepare the depreciation schedule using the units-of-production method of depreciation

Can you show me step by step this one too? 13. ABC Inc. purchased a truck on January 1, 2018 for $40,000. The truck had an estimated life of six years and anestimated salvage value of $4,000. ABC uses the straight-line method to depreciate the asset. On July 1, 2020, the truck was sold for $14,000 cash. A. Determine the effect on the accounting equation upon recording the depreciation for 2018. Assets = Liabilities + Stockholders’ Equity Revenues – Expenses =Net Income B. Calculate the gain or loss on the sale of the asset.

Victor Mineli, the new controller of Splish Brothers Inc. has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Type of Asset Building Warehouse Date Acquired Jan 1, 2014 Jan 1, 2017 Cost $824,000 107,000 Accumulated Depreciation Jan. 1, 2022 $156,800 Revised annual depreciation $ Useful life (in years) Building Old 40 20.540 25 $ Proposed 58 20 Warehouse Salvage Value Old Proposed $37,200 All assets are depreciated by the straight-line method. Splish Brothers Inc. uses a calendar year in preparing annual adjusting entries and financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life, not remaining life) Compute the revised annual depreciation on each asset in 2022. (Round answers to O decimal places, e.g. 5.125.) $40,000 4,300 12.960 SUPPORT

PROVIDE Answer with calculation and explanation

Please see below. Need help with both parts. This is all part of the same question. Victor Mineli, the new controller of Sandhill Co., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2017. Here are his findings: Type of Asset   DateAcquired       AccumulatedDepreciation,Jan. 1, 2017   Useful Life (in years)   Salvage Value     Cost     Old   Proposed   Old   Proposed Building   Jan. 1, 2009   $770,000   $139,900   40   48   $70,500   $36,500 Warehouse   Jan. 1, 2012   142,000   27,130   25   20   6,350   5,400 All assets are depreciated by the straight-line method. Sandhill Co. uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor’s proposed changes. (The “Proposed” useful life is total life, not remaining life.)     Compute the revised annual depreciation on each asset in 2017. (Round answers to 0 decimal places,…