On January 1, 2023, Land's End Construction purchased a used truck for $50,500. A new motor had to be installed to get the truck in good working order, the costs were $20,000 for the motor and $7,400 for the labour. The truck was also painted for $5,900. It was ready for use by January 4. A 12-month insurance policy costing $4,900 was purchased to cover the vehicle. The driver filled it with $310 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 $8,800. 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 1 2 Record the purchase of Truck. Note: Enter debits before credits. Date January 01, 2023 General Journal Debit Credit b. Record the depreciation at year-end, December 31, 2023. View transaction list Journal entry worksheet < 1 Record the depreciation. Note: Enter debits before credits. Date December 31, 2023 General Journal Debit Credit Record entry Clear entry View general Journal