of on Time left 0:37:57 Swift Corporation is an international provider of freight services that follows IFRS. Its fleet of vehicles that is carried in its books as "VC1-016." This truck was purchased two years ago for $150,000 and has been depreciated on a straight-line basis. By December 31, 2020, its book value (carrying value) is $97,000. As part of its commitment to safety and as required by its insurer, the company has a policy to overhaul its trucks after every 50,000 km. The associated costs of the overhauls are tracked in separate accounts. At December 31, 2020, the balances for VC1-016 are as follows: Overhauls #1-5 Accumulated depreciation: $0 Overhaul #6 Cost $20,000 Less: accumulated depreciation (16,400) Book value $3,600 On January 1, 2021, after the driver had reported problems with the truck's engine, a decision was made to do an early overhaul (i.e., 9,000 km prior to the next scheduled overhaul). The overhaul was completed on January 7, 2021, for $28,000 cash. Because of a slowdown in the economy, the truck only operated for 21,000 km for the remainder of 2021. Required: Prepare the appropriate journal entries for 2021 relating to th of on Time left 0:37:57 Swift Corporation is an international provider of freight services that follows IFRS. Its fleet of vehicles that is carried in its books as "VC1-016." This truck was purchased two years ago for $150,000 and has been depreciated on a straight-line basis. By December 31, 2020, its book value (carrying value) is $97,000. As part of its commitment to safety and as required by its insurer, the company has a policy to overhaul its trucks after every 50,000 km. The associated costs of the overhauls are tracked in separate accounts. At December 31, 2020, the balances for VC1-016 are as follows: Overhauls #1-5 Accumulated depreciation: $0 Overhaul #6 Cost $20,000 Less: accumulated depreciation (16,400) Book value $3,600 On January 1, 2021, after the driver had reported problems with the truck's engine, a decision was made to do an early overhaul (i.e., 9,000 km prior to the next scheduled overhaul). The overhaul was completed on January 7, 2021, for $28,000 cash. Because of a slowdown in the economy, the truck only operated for 21,000 km for the remainder of 2021. Required: Prepare the appropriate journal entries for 2021 relating to th