1) can you explain why asset cost is 70000?

2) how can I find the book value? is there any formula?

On January 3, 2018, Brisk Delivery Service purchased a truck at a cost of $62,000. Before placing the truck in service, Brisk spent $2,500 painting it, $1,700 replacing tires, and $3,800 overhauling the engine. The truck should remain in service for five years and have a residual value of $5,000. The truck's annual mileage is expected to be 28,000 miles in each of the first four years and 18,000 miles in the fifth year130,000 miles in total. In deciding which depreciation method to use, Jacob Nealy, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). Read the requirements. Requirement 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. Begin by preparing a depreciation schedule using the straight-line method. $ Straight-Line Depreciation Schedule Depreciation for the Year Asset Depreciable Useful Depreciation Accumulated Date Cost Cost Life Expense Depreciation 1-3-2018 $ 70,000 12-31-2018 65,000 5 years $ 13,000 $ 13,000 12-31-2019 65,000 5 years 13,000 26,000 12-31-2020 65,000 5 years 13,000 39,000 12-31-2021 65,000 5 years 13,000 52,000 12-31-2022 65,000 5 years 13,000 65,000 $ 11 . Book Value 70,000 57,000 44,000 31,000 18,000 5,000 II 11