Exact Time Logistics Co. purchased a delivery truck on Jan 02,2020 for $145,000 and it was estimated that there will have a residual value of $15,000 at the end of its life time, which is 10 years. Exact Time Logistics Co depreciates its assets using straightline method. Due to slow down in the business, it sold this truck for $55,000 at the end of seventh year You are required to prepare a) depreciation schedule for the first seven years and b) determine the profit / loss on the sale and prepare the journal entry at the time of sale