Steven, Inc., acquired a truck on January 1, 2016 for $40,000 cash. The truck was estimated to have a useful life of 10 years with no residual value, and the firm decided to use straight-line amortization. On January 1, 2017, management determined that the remaining useful life was actually only 6 more years. On June 30, 2018, the truck was sold for $25,000.

How much would Steven record as the value of the truck when it is acquired on January 1, 2016?

How much would Steven record as the amortization expense related to the patent for 2016?

Compute the amount of amortization that would be recorded for 2017.

Compute the amount of the loss that would be recorded upon the sale of the truck on June 30, 2018.

Thank you for your help!