Exercise 10.4 Texas Company purchased a truck to use in their business on January 1, 2022 at a cost of $50,000. The truck's estimated useful life was 5 years, and the residual value is $5,000. Texas Company depreciates all its assets using the straight-line method. Requirements 1. Assuming that the truck is disposed of on July 1, 2023, prepare the journal entry to record the partial year's depreciation, and prepare T-Accounts listing the account balances for the Truck account and its related Accumulated Depreciation account at July 1, 2023. 2. Prepare the journal entry required at July 1, 2023 to record the sale or disposal of the truck under each of the following independent assumptions: a. The truck is sold for $37,800. b. The truck is sold for $24,000. c. The truck is discarded (junked or thrown away). d. The truck is traded-in on a new, similar truck with a cost of $90,000. A trade-in allowance of $12,000 was given on the old truck. a