Apex Trucking purchased a truck for $100,000 on January 1, 2017. The useful life of the truck was estimated to be either five years or 200,000 miles. Salvage value was estimated at $20,000. Over the actual life of the truck, it logged the following miles:
Year 1 ..................48,000 miles
Year 2 ..................35,000 miles
Year 3 ..................40,000 miles
Year 4 ..................25,000 miles
Year 5 ..................35,000 miles
Year 6 ..................10,000 miles
At the end of the sixth year, the truck was sold for $12,000.
Prepare the journal entries to record depreciation over the life of the truck and its sale, assuming these methods:
1. Activity method
2. Straight-line method