Eric's Excavations has a financial year which ends on the 30th June. Eric purchased a truck for $200,000 on 1 July 2019, and estimates that the asset will have a residual value of $50,000 and a useful life of 5 years. The truck was sold on 31 December 2020 for $160,000. Required: 1.Calculate the annual depreciation on the truck for the year ended 30th June 2020 and prepare the adjusting journal entry for depreciation (3 marks). 2.Show an excerpt from the Balance Sheet as at 30th June 2020 of the Non-current assets. 3.need journal entries to account for depreciation for the year ended 30 June 2021, calculate the gain/(loss) on sale of truck and make the journal entries to dispose of the truck (10 marks)