On January 2, 2006, a company purchased a delivery truck for $45,000 cash. The truck had an estimated useful life of seven years and an estimated salvage value of $3,000. The straight line method of depreciation was used. Prepare the journal entries to record the updating of depreciation and the disposition of the truck on September 1, 2010, under each of the following assumptions: The truck and $45,000 cash were given in exchange for a new delivery truck that had a cash price of $60,000 The truck and $40,000 cash were exchanged for a new delivery truck that had a cash price of $65,000 On April 1, 2009 a company discarded a machine that had cost $ 10,000 and had accumulated depreciation of $8,000 as of December 31, 2008. The asset had a 5-year life and $0 salvage value. Prepare the journal entries to record the updating of the depreciation expense and discarding of this asset. A company purchased a special purpose machine on August 1 of the past year and it was installed and ready to run on January 1 of this year. The following costs were incurred in the purchase and installation of the machine. Determine the total cost of the machine