On the first business day of 20x0, Whinny Corporation purchased for cash a new truck from its local dealer. The truck was a heavy-duty type and records indicated it should have a useful life of 10 years and a residual value of $10,000. The vehicle cost $120,000. The straight-line depreciation method is used. During the first week of January 20x4, the truck was repaired and rebuilt at a total cost of $18,000: $16,300 for additions and $1,700 for ordinary repair. The additions increased the efficiency of the vehicle and increased the total useful life of the vehicle to 12 years. The estimate or residual value changed to $6,500. On April 1, 20x5, the truck was completely wrecked. The insurance company settled the claim for $35,000. Required Prepare journal entries for: a) The purchase of the vehicle. b) Depreciation during the first year. c) The 20x4 transaction involving the rebuilding. d) The 20x4 depreciation. e) The 20x5 entries.