Exerclse 8-15A (Algo) Revislon of estimated useful life LO 8-7 On January 1, Year 1, Poultry Processing Company purchased a freezer and related installation equipment for $68,700. The equipment had a three-year estimated life with a $3,300 salvage value. Straight-line depreciation was used. At the beginning of Year 3, Poultry Processing revised the expected life of the asset to four years rather than three years. The salvage value was revised to $2,300. Required Compute the depreciation expense for each of the four years, Year 1-Year 4. Exerclse 8-16A (Algo) Dlstingulshing between revenue expenditures and capltal expenditures LO 8-8 Bill's Wrecker Service has just completed a minor repair on a tow truck. The repair cost was $870, and the book value prior to the repair was $4,780. In addition, the company spent $9,000 to replace the roof on a building. The new roof extended the life of the building by five years. Prior to the roof replacement, the general ledger reflected the Building account at $87,300 and related Accumulated Depreciation account at $41,600. Required After the work was completed, what book value should appear on the balance sheet for the tow truck and the building
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