Burnout Oil Corporation uses the full cost method. Recently, the company acquired a truck costing $60,000 with an estimated life of five years (ignore salvage value). The foreman drives the truck to oversee operations on five leases, all in the same general geographical area but on multiple reservoirs. The foreman keeps a log of his mileage in order to determine how the truck is utilized. Analysis of the log indicated that 1/3 of the mileage driven was related to travel to drilling operations, 1/3 was related to travel to G&G exploration areas, and 1/3 was related to travel to production locations. Total net capitalized costs, including the truck above, are $2,300,000. Proved reserves at the beginning of the year were 300,000 barrels, and production during the year was 30,000 barrels. Burnout amortizes all possible costs. REQUIRED: Give any entries necessary to record depreciation on the truck for the first year that it was in service. For numerical answert (1) DO NOT use commas to separate thousands places in numerical answers (2) use a minus sign to indicate negative numbers(3) DO NOT use dollar signs. (4) amounts should be entered from smallest (at top of the entry line items) to largest (at bottom of the entry), which is ascending order. (5) in situations where amounts are identical for multiple line items in an entry, you are to list the entry line items in alphabetical order. THEORETICAL ENTRY order. THEORETICAL ENTRY Account Debit Credit PRACTICAL ENTRY