On January 1, 2020, Lands End Construction purchased a used truck for $52,500. A new motor had to be in- stalled to get the truck in good working order; the costs were $21,000 for the motor and $7,500 for the labour. The truck was also painted for $6,000. It was ready for use by January 4. A 12-month insurance policy costing $5,100 was purchased to cover the vehicle. The driver filled it with $225 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 $9,000. Lands End uses the straight-line method to depreciate all of its vehicles. Prepare the entry to record the purchase of truck, insur- ance, and gas, and record the depreciation at year-end, December 31, 2020.