On july lst, 2020, the company buys a truck at a cost of 250,000 S, paid $50,000 in cash and the balance through a bank loan. The expected useful life of the truck is 5 years, with a residual value of $10,000 Required: 1. Record the purchase transaction 2. Record the amortization of the truck as at the end of 2020 , using the straight-line method 3. Show the accumulated amortization and the book value of the truck as at december 31,2020