On October 1 Betly Company pays cash to purchase a new truck to be used in the business. The truck costs $58, 968 and is expected to last 6 years and have a $36,000 salvage value. The company uses straight-line depreciation method. What journal entry should the company make on October 1 to record the purchase of the truck? What effect does this entry have on the accounting equation? What journal entry should the company make on December 31 of the first year to record depreciation on the truck? What effect does this entry have on the accounting equation? What journal entry should the company make on December 31 of the second year to record depreciation on the truck? What effect does this entry have on the accounting equation