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help me II. On March 1, 2011, Chicago Furniture purchases a new delivery truck. The company pays $65,000 for the truck, sales taxes of $3,400,
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II. On March 1, 2011, Chicago Furniture purchases a new delivery truck. The company pays $65,000 for the truck, sales taxes of $3,400, and delivery costs of $1,700. Chicago Furniture also pays $12,000 for an annual insurance policy and $1,300 for a motor vehicle license. The truck will have 5 years useful life and $5,000 salvage value. The company uses straight-line depreciation method. On May 31, 2012, this company Incurred ordinary repairs on the truck of $1,400. On October 1, 2013, this company spent $20,000 for major overhaul to extend the life of the truck. On June 1, 2014, the company sold this truck to Jones co. for $15,000. Prepare the journal entry related to the truck from March 1, 2011 to June 1, 2014. Be sure to indicate the date on which the entries would be madeStep by Step Solution
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