January 1, 2023, Land's End Construction purchased a used truck for $47,500. A new motor had to be installed to get the truck in good working order; the costs were $18,500 for the motor and $7,250 for the labour. Th'truck was also painted for $5,750. It was ready for use by January 4. A 12-month insurance policy costing $4,600 was purchased to cover the vehicle. The driver filled it with $280 of gas before taking it on its first trip. It is estimated that the truck has a five-year useful life and a residual value of $8,500. Land's End uses the straight-line method to depreciate all of its vehicles. a. Prepare the entry to record the purchase of truck, insurance, and gas. b. Record the depreciation at year-end, December 31,2023