Problem 8-6 (Algorithmic) Cost of Assets, Subsequent Book Values, and Balance Sheet Presentation The following events took place at Pete?s Painting Company string 2012: a. On January 1, Pete bought a used truck for $14,000. He added a tool chest and side racks for ladders for $4,800. The truck is expected to last four years and then be sold for $800. Pete uses straight-line depreciation. b. On January 1, he purchased several items at an auction lar $6,205. These ltem5 had lair market values as follows