2. On January 2, 2013. Morales Paint Company purchased a truck that cost $60,000 with a residual value of $5,000. The expected useful life of the truck is 4 years and 110,000 miles. It is expected to be driven 16,000 miles in the first year, 40,000 miles the second year: 30,000 miles in the third year and 24,000 miles in the fourth year. A Prepare a depreciation schedule for the asset's entire useful life using each of the following methods: 1. Straight Line 2. Production (Units of Production) 3. Double Declining Balance B. Assume that the company decided to sell the truck in year 3 for $15,000 in cash. Prepare the required journal entry assuming the company used each of the following depreciation methods: 1. Straight Line 2. Production (Units of Production) 3. Double Declining Balance