The following information is available for Chasen Company, which has an accounting year-end of December 31, 2014.

1. A delivery truck was purchased on June 1, 2011, for $60,000. It was estimated to have an $6,000 salvage value. It is estimated to have a useful life is 5 years, and an estimated total use of 120,000 miles. During 2014, the truck was driven 20,000 miles. At the end of 2014, the truck had not exceeded its total estimated use. The units-of-activity method of depreciation is being used.
2. Land was purchased on September 1, 2014for $260,000. Because the land is located on a decommissioned military base, and is contaminated with chemicals and pollution, its estimated use life is only 20 years. Chasen Company would usethe straight-line method of depreciation, if applicable.
3. A building was purchased on January 1, 2004, for $3,000,000. It was estimated to have a $60,000 salvage value at the end of its 30-year useful life. The straight-line method of depreciation is being used.
4. Manufacturing equipment was purchased on April1, 2014, for $220,000. It was estimated to have a $24,000 salvage value. It is estimated to have a useful life of 8 years, and an estimated total use of 100,000 units. During 2014, the manufacturing equipment produced 12,000 units. At the end of 2011, the manufacturing equipment had not exceeded its total estimated use. The double-declining balance method of depreciation is being used.

Accumulated depreciation as of January 1, 2014is as follows:

• Delivery truck: $41,400
• Land: $0 (because it was only purchased on September 1, 2014)
• Building: $2,058,000
• Manufacturing equipment: $0 (because it was purchased on April 1, 2014)

Questions:

1. For each asset, what isdepreciation expensefor the year endingDecember 31,2014? (Make sure to list each asset separately.) (1 point per asset.)
2. What is thenet book valueof eachfixed asset as of December 31, 2014? (Remember, net book value equals cost minus accumulated depreciation.) (Make sure to list each asset separately.) (1 point per asset.)

SPECIFIC INSTRUCTIONS:

Round all answers to the nearestdollar.You must showallof your workfor each question of this quiz.If you do not show your work, you will not receive any points for this quiz,even if you have the correct answer.