Required

1. Record the above transactions of Pride Parts Co. Round all amounts to the nearest dollar.

2. Show the balance sheet presentation of the assets at December 31, 2017.

Pride Parts Co. has a fiscal year ending December 31 . The company completed the follow - Identifying the elements of ing selected transactions :" property , plant , and equipment's cost ; accounting for amortization 2016 by two methods ; accounting for July 2 Paid $640, 000 plus $20, 0.00 in legal fees ( pertaining to all assets purchased) disposal of property , plant , and to purchase the following assets from a competitor that was going out of equipment ; distinguishing better - business :" ments from repairs (D) (2 ) (3 ) (4) Appraised Estimated Estimated 2 . Total Property , Plant , and Equipment , $590. 727 Asset Value Useful Life Residual Value Land $:360, 0.00 Buildings 240, 000 8 years $20, 000 Equipment 120, 000 3 years 2, 000 Pride Parts Co. plans to use the straight - line amortization method for the building and for the equipment . Chapter 10 Property , Plant , and Equipment ; and Goodwill and Intangible Assets 601 Sep . Purchased a delivery truck with a list price of $39, 0.00 for $36 , 000 cash The truck is expected to be used for three years and driven a total of 280, 000 kilometres ; it is then expected to be sold for $4 , 0.00 . It will be* amortized using the UOP method . \\3 Paid $3, 000 to paint the truck with the company's colours and logo Dec . 31 Recorded amortization on the assets . The truck had been driven* 20, 000 kilometres since it was purchased . 2017 May Pride Parts Co. paid $11 , 000 to Gill Services Itd . for work done on the equip- ment . The job consisted of annual maintenance ( $1 , 200 ) and the addition of automatic controls ( $9, 800) that allow the equipment to remain useful for the next five years and increases its expected residual value by $1 , 000 .` Nov. 25 Sold the truck for $23, 600 . The truck had an odometer reading of 140 , 000* kilometres . Dec . 31 Recorded amortization on the assets . Required 1 . Record the above transactions of Pride Parts Co. Round all amounts to the nearest dollar .* 2 . Show the balance sheet presentation of the assets at December 31 , 2017