Part 1) Your company purchased an asset for 185,200. Transportation charges to bring the asset to your location were 8,500 and installation cost another 3,800. Permitting from the city cost another 2,500. What amount will be recorded in the books for this asset?

Part 2) Using your answer to the previous question, assume a 6 year useful life and 20,000 salvage value. What is the annual depreciation expense? You may wish to do a depreciation schedule to help with the next question.

Part 3) Using information from the previous question, at the end of year three assume life is extended to 7 years and salvage value is revised to 25,000. What would be the revised annual depreciation expense? You may wish to prepare a new depreciation schedule to help with the two questions following this one.

Part 4) Using information from the previous question, if you sold the asset at the end of year 5 for 75,000, you would record?

Part 5) Using information from the previous two questions, if you sold the asset at the end of year 6 for 45,000 you would record?