Joel Harvey Florists acquired a truck on January 1, Year 1. The company paid $11,000 for the truck, $500 for destination charges, and $250 to paint the company name on the side of the truck. The company's accounting manager estimates the truck to have a five-year useful life and a residual value of $1,750. The truck is expected to be driven 100,000 miles in five years. It is actually driven 15,000 miles in Year 1, 25,000 miles in Year 2, 30,000 miles in Year 3, 25,000 miles in Year 4, and 5,000 miles in Year 5. Part 1 On January 1, Year 1, how much should Joel Harvey Florists capitalize for the cost of the truck? Part 2 How much depreciation expenses would be recorded for the years Year I through Year 5 using each of the following methods? a. Straight-line b. Unit-of-production Part 3 On December 31, Year 5, at the end of its useful life, Joel Harvey sold the truck for $3,000 cash. Compute the gain or loss on sale