On January 1, Year 2, Shapiro Company paid $70,000 cash to purchase a truck. The truck has a $10,000 salvage value and a five-year useful life. Assume that Shapiro earns $18,000 of cash revenue per year for Year 1 through Year 5 of the assets useful life. Shapiro began Year 2 with a beginning cash balance of $110,000. Required: a. Determine the amount of net income for Year 2, Year 3, and Year 4. b. Determine the amount of accumulated depreciation appearing on the Year 2, Year 3, and Year 4 balance sheet. c. Determine the book value of the truck as of December 31, Year 2, Year 3, and Year 4. d. Determine the cash flows shown on the statement of cash flows for Year 2, Year 3, and Year 4. For each cash flow item, indicate whether it is a cash inflow or cash outflow and whether the item would be shown in the financing, investing, or operating sections of the cash flow statement Complete this question by entering your answers in the tabs below. Determine the amount of net income for Year 2, Year 3, and Year 4. On January 1, Year 2, Shapiro Company paid $70,000 cash to purchase a truck. The truck has a $10,000 salvage value and a five-year useful life. Assume that Shapiro earns $18,000 of cash revenue per year for Year 1 through Year 5 of the assets useful life. Shapiro began Year 2 with a beginning cash balance of $110,000. Required: a. Determine the amount of net income for Year 2, Year 3, and Year 4. b. Determine the amount of accumulated depreciation appearing on the Year 2, Year 3, and Year 4 balance sheet. c. Determine the book value of the truck as of December 31, Year 2, Year 3, and Year 4. d. Determine the cash flows shown on the statement of cash flows for Year 2, Year 3, and Year 4. For each cash flow item, indicate whether it is a cash inflow or cash outflow and whether the item would be shown in the financing, investing, or operating sections of the cash flow statement. Complete this question by entering your answers in the tabs below. Determine the amount of accumulated depreciation appearing on the Year 2, Year 3, and Year 4 balance sheet. On January 1, Year 2, Shapiro Company paid $70,000 cash to purchase a truck. The truck has a $10,000 salvage value and a five-year useful life. Assume that Shapiro earns $18,000 of cash revenue per year for Year 1 through Year 5 of the assets useful life. Shapiro began Year 2 with a beginning cash balance of $110,000. Required: a. Determine the amount of net income for Year 2, Year 3, and Year 4. b. Determine the amount of accumulated depreciation appearing on the Year 2, Year 3, and Year 4 balance sheet. c. Determine the book value of the truck as of December 31, Year 2, Year 3, and Year 4 . d. Determine the cash flows shown on the statement of cash flows for Year 2, Year 3, and Year 4. For each cash flow item, indicate whether it is a cash inflow or cash outflow and whether the item would be shown in the financing, investing, or operating sections of the cash flow statement: Complete this question by entering your answers in the tabs below. Determine the book value of the truck as of December 31, Year 2, Year 3, and Year 4 . Determine the cash flows shown on the statement of cash flows for Year 2, Year 3, and Year 4. For each cash flow item, indicate whether it is a cash inflow or cash outflow and whether the item would be shown in the financing, investing, or operating sections of the cash flow statement. Note: Amounts to be deducted should be indicated with minus sign
