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need help qith part 2,3 Berry Corp. acquired a vehicle on January 1, 2018 for $80,000 with a loan from the bank. The company estimates

need help qith part 2,3 image text in transcribed
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Berry Corp. acquired a vehicle on January 1, 2018 for $80,000 with a loan from the bank. The company estimates a residual value of $20,000 and a service life of 10 years. Berry Corp. then sold the truck on October 31, 2020 for $65,000. They record their adjusting journal entries (AJES) monthly and use the straight-line depreciation method. Use a - (hyphen) to represent that no data is presented. Do NOT abbreviate account names. Do NOT use a $(dollar sign). Do NOT use cents. DO use a comma separator. Part I: Record the purchase of the truck in the General Journal: Date Account Debit Credit Jan 1, 2018 Equipment 80000 Loan Payable 80000 Part II: Complete the table below in regards to the truck: Year Depreciation Expense (for year) Book Value 2018 I 2019 2020 Part III: Calculate the gain or loss on the sale of the truck on October 31, 2020. SF a loss in parenthesis (). Gain / (Loss)

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