$10.00 REQUIRED: UVO ABC Company paid $60,000 for a truck with a ten year useful life and no residual value. After using the truck, for four years, the Company determined that the truck will remain useful for only two more years and has also revised the residual value to be $2,000. The Company uses the straight line method for amortizing the truck. Compute and record the amortization journal entry for December 31, year five.

ABC Company paid 1000 for a truck with a ten year useful life and no residual value. After using the truck, for four years, the Company determined that the truck will remain useful for only two more years and has also revised the residual value to be $2,000. The Company uses the straight line method for amortizing the truck. REQUIRED: Compute and record the amortization journal entry for December 31 , year five