On January 1, a business purchases a truck for $20,000. Assume the purchase transaction has already been properly recorded. It has an estimated useful life of S years and an estimated salvage value of $2,000. 4. A. Determine the annual straight-line depreciation expense for the truck B. Prepare the necessary adjusting journal entry on December 31 (assume no adjusting journal entries have been recorded all year). C. Determine the book value of the truck at the end of 3 years of depreciation. 5. A law firm bills its customers once per month on the 15th of each month. On January 17, the firm provides legal services to a client in the amount of $10,000. Prepare the necessary adjusting journal entry on January 31. 6. Each Saturday morning, a business records its payroll expense for the week. The week runs Saturday through Friday. The weekly payroll expense is $7,000 for 7 days, or $1,000 per day. Assuming that January 31 falls on a Tuesday, prepare the necessary adjusting journal entry on January 31. ct answers willnot affect your grade) What form of business organization uses an account called "common stock"? Bonus questions (incorrect 1. 2. What do the letters "FASB" stand for? 3. What do the letters "CMA" stand for? 4. What foreign words do the symbols "DR" and "CR" originate from? 5. Does the cash flow statement represent a period of time or does it represent a point in time