1) Use the following information to determine the cost of the truck: Paid $20,500 for a basic truck from the car dealer. Paid $700 to have the company name and logo painted on the side of the truck. Paid $200 annual license fee on the truck. Paid $1,450 sales tax on the purchase of the truck. Paid $500 for annual parking permit for the truck to park near the University. Paid $800 for 6 months insurance on the truck Paid $2,500 for custom designed shelf unit permanently attached to the inside of the truck. The cost of the truck is $ 2) The cost of a piece of equipment is $80,000; it has a 5 year life, and an estimated salvage value of $5,000. a) What is the amount of depreciation expense for the first full year the company owns the equipment if the company adopts the straight-line method? b) What is the journal entry the company would make to record depreciation expense? c) What is the book value of the equipment after it has been owned for 1 full year (hint use part a)? d) What is the amount of depreciation for the first year if the company did not purchase the equipment until July 1st and uses the straight-line method? e) What is the book value of the equipment after it has been owned for 1 1/2 years