On January 1, 2022, Mandelbaum, LLC purchases a vehicle for $62,000 cash. They expect to use the vehicle in operations to generate revenue for eight years. They estimate they will be able to sell the vehicle for $2,000 after the eight year service period. They believe the vehicle will have $2,000 salvage value at the end of its useful life. What is Mandelbaum's annual depreciation expense using straight line method on the vehicle? Prepare the journal entry to record the purchase. Mandelbaum will classify the asset as "Vehicle" DR: Vehicle CR: Cash Prepare the journal entry to records the first year's depreciation expense. DR: Depreciation Expense CR: Accumulated Depreciation On January 1, 2025, Mandelbaum revises it estimate. They expect they will only use the vehicle for an addition three years (until January 1, 2028) and will only be able to sell the vehicle for $500 when they are done using it in operations. What is the vehicles Net Book Value at the time of the change in estimate (January 1, 2025)? What is the remaining useful life of the vehicle at the time of the change in estimate? years What is the salvage value after the change in estimate? What is the salvage value after the change in estimate? What is Mandelbaum's new annual depreciation expense? Prepare the journal entry to record one year's depreciation expense at the new rate. DR: Depreciation Expense CR: Accumulated Depreciation