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Question B2 Part 1 Mirror Company, a land developer bought a truck for $3,000,000 on 26 February 2020. The truck had an estimated useful life of 10 years with a residual value of $500,000, or had an estimated operation output of 50,000 hours. The company adjusts its account annually with the year-end date at 31 December Required: (a) Compute the depreciation expenses on the truck in 2020 and 2021 by using the following methods: (1) Straight-line (using half year convention); (2 marks) (ii) 200%-declining-balance (calculated to the nearest whole month); and (2 marks) (iii) Units-of-output method (hours of operations: 4,000 in 2020; 6,500 in 2021) (2 marks) (6) Assume Mirror Company adopts straight-line method as shown in (a)(1) above for the truck bought on 26 February 2020 and disposed it on 31 January 2022 for $2,400,000 cash. Prepare the following journal entries: (1) Update the depreciation for the year 2022 before the disposal (2 marks) (ii) Dispose the truck at 31 January 2022 (4 marks) Part II Edan Company purchased a delivery lorry on 1 January 2014 for $840,000. The lorry has an estimated useful life of 12 years and no residual value. On 1 January 2021, the company incurred the following expenditure for the lorry: (1) purchased a new engine at a cost of $48,000, (ii) installed the new engine to the lorry at a cost of $2,000, and (ii) painted the lorry at a cost of $2,500 after 7 years of use. On the same date, the company's management expects the total estimated useful life of the lorry is revised to 23 years with no residual value. The company uses the straight-line method of depreciation (calculated to the nearest whole month) and adjusts its accounts annually on 31 December. Required: Prepare the journal entry at 31 December 2021 to record the depreciation for 2021. Show your workings