1. Prepare journal entries related to a piece of equipment. a. Determine the acquisition cost of a truck, using the following info: Purchase Price $ 275,000 Sales Tax $ 27,500 Registration & Vehicle License Fee $ 5,500 Artwork for business logo, phone number & email $ 4,000 Insurance $ 2,400 b. Purchase date: 7/1/19 Cash Down Payment: $55,000 Total in a. Note Payable: minus Down Payment c Record straight-line depreciation expense for the year ended 12/31/19 Useful Life in years 5 Salvage Value $25,000 d Record the sale of the asset on 12/31/23 Sales price $65,000 $25,000 Userur Liten years Salvage Value d Record the sale of the asset on 12/31/23 Sales price $65,000 Question 1 1 pts The purchase price of the truck includes the Artwork for $4,000 True False Question 2 1 pts The journal entry to recognize the purchase of the truck will be: DR Truck: CR Cash, CR Notes Payable DR Truck: CR Cash DR Truck; CR Accumulated Depreciation DR Cash: CR Truck