Required information E8-5 (Algo) Determining Financial Statement Effects of an Asset Acquisition and Depreciation (Straight- Line Depreciation) LO8-2, 8-3 The following information applies to the questions displayed below.) Steve's Outdoor Company purchased a new delivery van on January 1 for $52,000 plus $4,400 in sales tax. The company paid $13,400 cash on the van (including the sales tax), signing an 8 percent note for the $43,000 balance due in nine months (on September 30). On January 2, the company paid cash of $500 to have the company name and logo painted on the van On September 30, the company paid the balance due on the van plus the interest. On December 31 (the end of the accounting period). Steve's Outdoor recorded depreciation on the van using the straight-line method with an estimated useful life of 5 years and an estimated residual value of $5,200. E8-5 Part 2 2. Compute the acquisition cost of the van Acquisition Cost of the Van Invoice cost Interest expense installation costs Painting costs Acquisition cost $ 3. Compute the depreciation expense to be reported for Year 1. Depreciation expense 5. What would be the net book value of the van at the end of Year 2? Net book value of van at end of Year 2 Net book value at end of year 2 $ 0