Totka Towing Company is at the end of its accounting year, December 31, 2016. The following data that must be considered were developed from the company's records and related documents: a. On January 1, 2016, the company purchased a new hauling van at a cash cost of $24,600. Half is paid with cash and half will be paid in the year of 2017. The estimated useful life is 10 years and the residual value is $600. On January 15, 2016, office supplies amounting to $1,000 were purchased and cash was paid b. c. On July 1, 2016, a three-year insurance premium on equipment in the amount of $1,200 was paid. Coverage began on July 1 d. On September 10, 2016, Murphy's Garage completed repairs on one of the company's trucks at a cost of $800, the amount will be paid during January 2017. On October 1,2016, the company received $12,000 from a customer for one-year towing service starting right away. e. On November 21,2016, the company completed a service contract for a customer for 56,000 payable by the customer in February of 2017. No cash has been collected f. Additional Information: At the end of 2015, the count of supplies remaining on hand was $400. The supplies counted on hand at December 31, 2016, were $600