The following events took place at Freddie Choo Painting during 2019:

a. On 1 January, Freddie bought a van for $30 000. He had a tool chest and side racks for ladders installed for a total cost of $5000. He paid an additional $1000 to a signwriter to paint his name along the side of the van. The truck is expected to last for four years and then be sold for $800. Freddie uses straight-line depreciation. 

b. On 1 April, Freddie purchased 10 cases of paint rollers at auction for $3200 (market value, $3800). Freddie will use all the paint rollers this year and next year (50 per cent each year). The paint rollers have no salvage value at the end of this time. 

c. On 1 February, Freddie paid Sydney Council $4500 for a three-year licence (1 February 2019 to 31 January 2022) to operate his business. 

Required: 

1. What cost would be assigned to: 

a. The van? 

b. The paint rollers? 

2. Determine the amount of depreciation, or other expense, to be recorded for each asset for the year ended 31 December 2019. 

3. Where will these assets appear on Freddie’s balance sheet as at 31 December 2019?