2. Determine the amount of depreciation or other expense to be recorded for each asset for 2017. Do not round intermediate calculations. If required, round your final answers to the nearest dolar. Asset 2017 Expense Amount a. Truck depreciation b. Part 1 - supplies expense b. Part 2 - office furniture depreciation b. Part 3 - equipment depreciation c. License amortization d. Part 1 - old truck depreciation d. Part 2 - gain/loss on the sale (use the minus sign to indicate a loss) Feedback Check My We Determine value at time of purchase. Use the fair market values of the supplies expense, office furniture and equipment at the time of purchase. Determine value of prepaid license Compute the amount of the prepaid license expense that is used in the current year. Compute book value of the truck at the time of sale 3. How would these assets appear on the balance sheet as of December 31, 2017? Pete's Painting Company Balance Sheet (Partial) December 31, 2017 Current assets: Prepaid license 21.400 x Property, plant, and equipment: Truck 1.NO orice furniture Equipment Total property, plant, and equipment, net Feedback 7 Check My Work Prepare partial balance sheet presentation with Current assets. Subtract accumulated depreciation for total property, plant, and equipment, net. Cost of Assets, Subsequent Book Values and Balance Sheet Presentation The following events took place at Pete's Painting Company during 2017: . On January 1, Pete bought a used truck for $14.000. He added a tool chest and ideas for ladders for $4,800. The truck is expected to last four years and then be sold for 1800. Pete uses right time depreciation B. On January 1, he purchased several items at an auction for $2.400. These items had a market values as follows: 10 cases of paint trays and roller covers $200 Storage cabinets 600 Ladders and scaffolding 2.400 Pete will of the paint trays and roller covers this year. The storage Cabinets are expected to last nine years, the ladders and scaffolding, four years con February 1, Pete paid they $1,500 for three year license to operate the business d. On September 1, Pete sold an old truck for $4,000 that had cost $12,000 when was purchased on September 1, 2012. It was expected to light years and have a vape value of $800. Pete used the ne method of depreciation Resuired