During 2018, Quick Fax made the following purchases Clox the soon to view the purchases) Read the souements Requirement 1. Calculate the depreciation expense as of December 31, 2018, for all assets purchased in 2018 Start by selecting the formula needed any, to calculate depreciation on each asset purchased during 2018. Next, use the formula to calculate 2018 depreciation for each asset, and lastly calculate the total cost and depreciation of all assets purchased in 2018 (Complete all answer boses Round depreciation per unt to the nearest cent and round final depreciation amounts to the nearest whole dotar. For any asset not depreciated, select "No depreciation taken on this asset in the Formula column and enter a in the Depreciation column) A Coll March 3 March 18 Apr 2 Fopment S Truck Land $ 3.000 Apr 22 Future S " 44,800 35.000 4300 June 10 Fumbure 3 2300 Ane 25 Equat 6.600 August 1 Building 120.000 Formula reeded for 2018 depreciation No depreciation taken on this asset Cost Residual value)/Lemies Mes driven No depreciation taken on this asset (Cost-Reedual vue)x(1 Use Me) x (5 months/12 months) More info On March 3, Quick Fix, Inc. purchased equipment for $3,000 cash. The equipment has an estimated useful life of ten years and no salvage value Quick Fix uses double-declining balance depreciation for the equipment On March 16, Quick Fix, Inc, purchased a $44,800 truck financed by a note payable bearing 5 percent annual interest. The truck has an estimated useful life of 240,000 miles and a residual value of $4,000 The truck was driven 28.000 miles in 2018 and is depreciated using the units of production method. On April 2, Quick Fix Inc, paid $35,000 for land On Apri 22. 14.300 of fumiture was purchased on account. The fumiture has a eight-year life and a residual value of $300 Furniture is depreciated using straight-line depreciation On June 10, $2.500 of fumture was purchased. The fumture has a eight-year Me and a residual value of $100 and is depreciated using straight-line depreciation On June 25, $6,600 of equipment was purchased. The equipment has a five-year life and a $1,200 residual value, and is depreciated using the straight-line method On August 1, Quick Fix, Inc., purchased a building for $120.000 financed by a mortgage bearing 4 percent annual interest. The building has an estimated salvage value of $45,000 and is being depreciated over 25 years using the straight line method - X