Jerry Jones purchased a large truck costing $30,000 for his moving business on January 3, 2020. Jerry uses the straight-line method of depreciation. He expects the truck to last 10 years and have a residual value of $10,000. T. Prepare the 1 year depreciation entry for the truck. Date 12/31/20 Depreciation Expense Truck Account Description PR. Debit Credit 2,000 2,000 U. What is the carrying value of the truck after year 3? $24,000 V. Jerry Jones changes oil in the large truck on January 2, paying $120 for the oil change and filters. Date 1/2/21 Description Oil and Lube Expense PR Debit 120 Credit Cash 120