Complete the following problems. —1. Consider the following data on an asset:Cost of the asset, I: $25,000Useful life, N: 5 yearsSalvage value, S: $3,000 2. A company\’s accounting record shows the following: Truck A Truck BUseful Life (miles): 250,000 200,000Miles Driven During Year: 13,000 11,000Purchase Cost: $40,000 $30,000Salvage Value: $4,250 $3,000 3. Consider the following data on an asset:Cost of the asset, I: $35,000Useful life, N: 7 yearsSalvage value, S: $4,000 4. a) Painted the warehouse building, both interior and exterior, for $16,500.b) Installed a conveyor belt system to automate some part of a production processes for $25,000.c) Purchased a fax machine for $8,000.d) Paid $18,000 to lease a dump truck for eight months.e) Purchased a new computer system for $5,000.f) Purchased land to build a new facility for $400,000.g) Installed a water dispenser in a company dining area for $3250.h) Purchased a patent on an energy-saving device over six years at a cost of $42,000.i) Repaved a parking lot for $15,000.j) Purchased a spare part for a framing machine for $5,000.
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