ABC Corporation purchased a truck on January 1, 2020, for $20,000 cash. The monthly depreciation is $500. 1. Show the journal entry that ABC should record on January 1, when the truck is purchased. 2. Briefly explain whether and how ABC's income statement for the quarter ended March 31,2020 would be affected by this transaction, including any necessary calculations. 3. What is the net (book) value of the truck on March 31, 2020