A purchase of machine tools by Jet Co. for $4,130 should have been capitalized as the tools have a 3 year life and an expected residual value of $590. 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 $4,130 / 3

Cr Accumulated Depreciation $4,130 / 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? $