The University purchased a truck that it intended to use for maintenance around campus. The purchase price from the dealership was $$40,000.$ Additional enhancements were made to the truck including a rack $($$$500),$ trailer hitch $($$$350)$ and bedliner $($$$1,150).$ The truck was purchased and delivered on July $1,2024$ but was damaged when parked. The repairs cost $$2,000$ to restore the vehicle.

The truck is expected to be used for $5$ years or $20,000$ hours by the University however the truck should last for $12$ years or $50,000$ hours. The truck is expected to have a residual value of $$7,000.$ The vehicle was used for $5,000$ hours in the $2024,6,000$ hours in $2025$ and $4,500$ hours in $2026.$

The University has a December $31$ year end.