On January 1, 2017, Land's End Construction purchased a used truck for $43,500. A new motor had to be installed to get the truck in good working order; the costs were $16,500 for the motor and $7,050 for the labour. The truck was also painted for $5,550, it was ready for use by January 4 . A 12 -month insurance policy costing $4,200 was purchased to cover the vehicle. The driver filled it with $240 of gas before taking it on its first trip. It is estimated that the truck has a five-year useful life and a residual value of $8,100. Land's. End uses the straight-line method to depreciate all of its vehicles. (f no entry is required for a transaction/ event, select "No journal entry required "in the first account field.) a. Prepare the entry to record the purchase of truck, insurance, and gas. b. Record depreciation at year-end, December 31, 2017. Journal entry worksheet Note: Enter debits before credits