ACCT 1211 Accounting! Question 3 (20 marks) Red's Bike Shop's year end is December 31. Some of the transactions are: March 1-Paid $190,000 cash to purchase the following assets: Est. Useful Est. Residual Life Value Asset Land Market Value $ 88,000 132,000 Building 25 years $14,000 Red's Bike Shop plans to use the straight-line amortization method for the building. April 15-Purchased a used pickup truck for $10,500 cash. The truck is expected to be used for 8 years and driven 120,000 kilometres. The estimated residual value is $3,900. It will be amortized using the units-of-production method. 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 a new muffler ($425). December 31-Recorded amortization on the assets. The truck has been driven 9,000 kilometres since it was purchased. Required Record the above transactions. Round all amounts to the nearest dollar. Please leave o