On January 1, 2023, Land's End Construction purchased a used truck for $41,500. A new motor had to be installed to get the truck in good working order; the costs were $15,500 for the motor and $6,950 for the labour. The truck was also painted for $5,450. It was ready for use by January 4. A 12-month insurance policy costing $4,000 was purchased to cover the vehicle. The driver filled it with $220 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 $7,900. Land's 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. View transaction list Journal entry worksheet

Record the purchase of Truck. Note: Enter debits before credits. On January 1, 2023, Land's End Construction purchased a used truck for $41,500. A new motor had to be installed to get the truck in good working order, the costs were $15,500 for the motor and $6,950 for the labour. The truck was also painted for $5,450. It was ready for use by January 4, A 12 - month insurance policy costing $4,000 was purchased to cover the vehicle. The driver filled it with $220 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 $7,900. Land's End uses the straight-line method to depreciate all of its vehicles. o. Prepare the entry to record the purchase of truck, insurance, and gas. Journal entry worksheet b. Record the depreciation at year-end, December 31,2023. Journal entry worksheet