1. Oriole Company purchases a new delivery truck for $49,000. The sales taxes are $3,000. The logo of the company is painted on the side of the truck for $1,800. The truck's annual license is $140. The truck undergoes a one-time safety testing before use for $270. What does Oriole record as the cost of the new truck? 2. The following equipment was purchased July 1, 2016. Initial Cost Expected Useful Life Expected Salvage Value $595,000 5 years $70,000 a. Record depreciation expense for 2016 using the straight-line method. Assets Liabilities Stockholders' Equity b. What is the book value of the equipment at December 31, 2016 after depreciation has been recorded? Record depreciation expense for 2017 using the straight-line method. Assets Liabilities Stockholders' Equity