Exercise III. (20 points) On July 1, 2019, Andy Ward bought a used pickup truck at a cost of $10,300 for use in his business. On the same day, Ward had the truck painted blue and white at a cost of $1,200. Mr. Ward estimated the life of the truck to be three years or 50,000 miles. He further estimates that the truck will have a $1,000 salvage value at the end of its life. Required: Record the journal entry on July 1, 2019, when all bills pertaining to the truck are paid. Compute the depreciation expense for the year 2019 using straight line depreciation. Compute the depreciation expense for the year 2020 using straight line depreciation Compute the depreciation expense for 2019 if the truck is driven 8,000 miles and the units of production method of depreciation have been used. Record the journal entry if the truck is sold for $6000 cash on January 1st