On January 1, 2020, Lands End Construction purchased a used truck for $44,500. A new motor had to be installed to get the truck in good working order; the costs were $17,000 for the motor and $7,100 for the labour. The truck was also painted for $5,600. It was ready for use by January 4. A 12-month insurance policy costing $4,300 was purchased to cover the vehicle. The driver filled it with $250 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 $8,200. Lands End uses the straight-line method to depreciate all of its vehicles. a. Prepare the entry to record the purchase of truck, insurance, and gas.

b. Record the depreciation at year-end, December 31, 2020.