d. Book value of truck at time of sale 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 dollar. 2017 Expense Amount Asset 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 $ al d. Part 2 - gain/loss on the sale (use the minus sign to indicate a loss) $ Feedback Check My Work 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. How would these assets appear on the balance sheet as of December 31, 2017? Chapter 08 Homework (Application) eBook Print Item Y Check My Work 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 Property, plant, and equipment: Truck Office furniture Equipment Accumulated depreciation Total property, plant, and equipment, net J Feedback Check My Work Prepare partial balance sheet presentation with Current assets. Subtract accumulated depreciation for total property, plant, and equipment, net. Feedback Check My Work Partially correct Check My Work Assignment Score: 39.58%