ABC Ltd applies a straight-line depreciation method and uses a revaluation model for all assets.

Year 1:

ABC Ltd purchased a truck of $100,000 in cash at the beginning of Year 1.

The truck has a 10-year useful life and no residual value.

Year 2:

At the beginning of year 2, the truck is revalued to $81,000.

Year 3:

At the beginning of year 3, the truck is revalued to $88,000.

Year 4:

At the beginning of year 4, the truck is sold at $92,000.

1) Provide the possible journal entries for year 1, including the asset purchase and depreciation.

2) Provide the possible journal entries for year 2.

3) Provide the possible journal entries for year 3.

4) Provide the possible journal entries for year 4.