On September 30, 2016, Totem Builders Ltd. purchased a new truck for $150,000 from a dealership in Toronto, and paid $2,000 to bring the truck to Totem's head office in Calgary. In addition to this, Totem incurred $18,000 for the required modifications to make the truck ready for its intended use. The estimated useful life of the truck is 5 years or 300,000 km. and a residual value of $50,000. The company has a December 31 year-end. Required: a) Record the journal entry for the purchase of the new truck (2 marks) b) The company uses the double diminishing method to record depreciation. Record the appropriate journal entries for depreciation for 2016 and 2017. Show all calculations. (3 marks)