Transactions for May: May 01 Charles contirbutes the following assets to begin business as Charlie's Fencing Emporium: Cash Truck......fair market value Tools.....fair market value Shop Equipment.....fair market value $50,000.00 18,000.00 12,000.00 30,000.00 NOTE!! Be careful...because cash is included in this transaction, it doesn't belong in the general journal. The fixed assets contributed above are assigned the following information for the purpose of calculating depreciation. Using this information and the depreciation schedules provided below, complete a schedule for each of the three assets. This information will be necessary when preparing the adjustments at quarter end. (1) Each asset is to be recorded at its fair market value. (2) All three assets groups are to be depreciated using the double-declining balance method. (3) The salvage values and useful lives of each group are as follows: (4) Round all depreciation calculations to the neaest whole dollar. Asset Truck Tools Shop Equipment Salvage $3,000 1,000 3,000 Life/years 455 Asset: Truck Year Current Depreciation Accum. Depreciation Book Value 0 0 0 18,000 1 234 Asset: Tools Year Current Depreciation Accum. Depreciation 0 0 0 Book Value 12,000 12345