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QUESTION 3-Purchases and Amortization Ourham Bike Shop Ltd's year end is December 31. Some of the company's transactions are as follows: March 1 Paid $190,000 cash to purchase the following assets: Est. Useful Life Est. Residual Value Market Value $88,000 132,000 Asset Land Building 25 years $14,000 Durham Bike Shop Ltd. plans to use the straight-line amortization method for the building. Purchased a used pickup truck for $10,500 cash. The truck sells for $15,900 when new. The truck is expected to be used for eight years and driven 120,000 km. The estimated salvage value is $3,900. It will be amortized using the units-of-production method April 15 April 16 Installed heavy-duty racks costing $1,400 that will enable the truck to carry several bicycles. June 30 Paid John's garage for an oil change ($35) and the replacement of a muffler ($425). Dec. 31 Recorded amortization on the assets. The truck was driven 9,000 kilometres since it was purchased. Record the above transactions of Durham Bike Shop Ltd. Round all amounts to the nearest dollar. DateAccount /Explanation Debit Credit