Exercise 20 Allen Coat Company purchased a delivery truck on June 1 for $18,000, paying $8,000 cash and signing a 5%, two-month note for the remaining balance, interest to be paid at maturity. The truck is expected to have a six-year useful life. Allen Coat Company prepares monthly financial statements. Instructions a. Prepare the general journal entry to record the acquisition of the delivery truck on June 1. juN 1 TRUCK 18000 Cash Note Payable 10000 b. Prepare any adjusting journal entries that should be made on June 30. Jun 30 Interest Expense 42 Interest Payable (05/12*10000) Jun 30 Depreciation expense Accumulated depreciation 250 (18000/6/12) [(Cost-SVy#yrs]\12 8000 42 250 c. Show how the delivery truck will be reflected on Allen Coat Company's balance sheet on June 30. PPE Truck 18000 Less: Accumulated depreciation (250) NBV 17750