Cost of ssets, Subsequent Book Values, and Balance sheet Presentatoo The following events took place at Pete's painting Company during 2016 : 3. On January 1. Pete bought a used truck for $15,000. He added a tool chest and side racks for ladders for $5,400. The truck is expected to last four vears and then be sold for $800. Pete uses stralght-line depreciation. b. On January 1, he purchased several liems at an auction for $3.840, These iteme had falr market values as follows: Pete will use all of the paint trays and roler covers this year. The storage cabinets are expected to last nine years; the ladders and scalfolding, four years. c. On February 1, Pete paid the city $1,548 for a threevear license to operate the business. d. On September 1 , Pete sold an cld truck for $5,510 that had cost 514,140 when it was purchased on September 1,2011 . It was expected to last eight years and have a salvage value of $700. Required: 1. For each situation, determine the value assigned to the asset when ie is purchased (or for (d), the book value when sold]. Da not round intermetsate calculations. If required, round your final answers to the neareat dollar. 2. Determine the amount of depreciation or other expense to be recorded for each asset for 2016 . Do not round intermediate calcilations. if required, round vour final answers to the nearest dollar. Determine the amount of depreciation or other experse to be recorded for each asset for 2016 . Do not round intermediate calculations. if required, round your final answers to the nearest dollim. Tesivase Teran Vy Wow prepald tictiriso. Compute the amount of the prepaid licensen expenwe that is used in the current year, compute bock value of the truck at the time of ale. 3. How would these assets appelar on the batance sheet as of December 31,2016 ? 3. How would these assets appear on the balance sheet as of December 31,2016