8. PPE (16 pt.) On January 1, 2020, Red Co. purchased truck for $30,000 cash. The company also paid $3,000 cash for transportation costs: $2,000 cash for installation cost; and $1,000 cash for sales tax. The estimated residual value was $3,000 and the estimated useful life 4 years. (a) Prepare the journal entry to record the acquisition cost of the truck. (5 points) (b) Prepare the adjusting Journal entry at December 31, 2020 for depreciation assuming Red Co. uses the straight line method of depreciation (5 points) (c) Suppose that on Jan 1, 2020, Red Co. would like to sell a machine that has been used for some time. The records of the company indicated that the cost of the machine was $78,000 and the accumulated depreciation of this machine was $58,000. Assuming that this machine was sold for $15,000 cash, prepare the appropriate journal entry (6 points)