A purchase of machine tools by Jet Co. for $3,850 should have been capitalized as the tools have a 3 year life and an expected residual value of $550. However, Jet Co. erroneously charged the purchase to Repairs & Maintenance Expense. At year-end closing, Jets bookkeeper noticed the error and made only one correcting entry resulting in Net Income and Total Assets to be understated: Dr Depreciation Expense $3,850 / 3 Cr Accumulated Depreciation $3,850 / 3 Required 1: Assuming you fixed all errors, what is the amount of depreciation expense Jet Co. must show on the year end income statement? $ Required 2: Assuming you fixed all errors, what is the amount for accumulated depreciation Jet Co. must show on the year end balance sheet? (type it as a positive number) $ Required 3: Assuming you fixed all errors, what net amount (i.e., cost net of accumulated depreciation) should Jet Co. show for tools on the year end balance sheet? $