The following events took place at Pete's Painting Company during 2014: a. On January 1, Pete bought a used truck for exist13,000. He added a tool chest and side racks for ladders for exist4, 600. The truck is expected to last four years and then be sold for exist1, 200. Pete uses straight- depreciation. b. On January 1, he purchased several items at an auction for exist3, 835. These items had fair market values as follows: 10 cases of paint trays and roller covers exist100 Storage cabinets 1, 800 Ladders and scaffolding 4,000 Pete will use all of the paint trays and roller covers this year. The storage cabinets are expected to last nine years: the ladders and scaffolding, four years. c. On February 1, Pete paid the city exist1, 656 for a three-year license to operate the business. d. On September 1, Pete sold an old truck for exist5, 760 that had cost exist15,000 when it was purchased on September 1, 2009. It was expected to last eight years and have a salvage value of exist600. For each situation, determine the value assigned to the asset when it is purchased [or for (d), the book value when sold]. Do not round intermediate calculations. If required, round your final answers the nearest dollar. a. Recorded cost of truck exist17,000 b. Part 1 recorded amount of supplies exist5, 900. b. Part 2 recorded cost of office furniture exist5, 900 b. Part 3 - recorded cost of equipment c. Recorded cost of prepaid license exist3, 55 d. Book value of truck at time of sale exist1, 200