Nipissing Electrical Services Ltd. is a private company that contracts with local electrical utilities to construct and maintain electrical utility grids in smaller municipalities in northeastern Ontario. The records of Nipissing Electrical Services showed the following transactions: 2007: May 31 June 5 Dec 31 Purchased a truck cab and chassis for an invoice price of $34,800 plus sales taxes of $5,200. This was paid by cheque. A custom body was fitted behind the cab on the back of the truck by Ferris Metal Fabricating. This body included tool and equipment lockers and other fittings that were necessary to allow the truck to be used in Nipissing's business. The custom body fittings cost $16,000 including all taxes. Again payment was by cheque. Nipissing planned to keep the truck for seven years and then trade in the entire unit (cab, chassis and body) as is. The trade-in value for the entire unit at the end of seven years was expected to be $7,000. Amortization was recorded using the straight line method and rounds to the nearest month. 2008: April 16 Dec 31 2009: Feb 1 Required: Paid $625 in cash for repairs to the front end, which was damaged when the truck hit a huge pothole on an unfinished road in a new subdivision. Amortization was recorded using the straight-line method. Citing excess capacity and the need to downsize, Nipissing unexpectedly sold the truck as is for $33,000. 1. Prepare the journal entries to record the transactions listed above. Where necessary show your calculations for amounts to be used