Our company bought a truck for 124,000 on April 1, year 1. We intend to put the truck to heavy use for 6 years, and at the end of that time we estimate we can sell it for $4,000. We also estimate that we will drive it 200,000 miles during the 6 years. We paid $50,000 cash at the time of purchase and signed a 4 year 3.5% note for the balance. Make the journal entry for the purchase. During the first year, we think we will drive the truck 32,000 miles. Our fiscal year ends December 31. Apr 1 The controller hasn't decided what depreciation method to use, and has asked you to calculate the depreciation expense for year 1 for each of 4 methods. Straight line Sum of the years' digits Double declining balance Units of production (units of output) Our company has a depreciable asset that cost $100,000 and has an estimated salvage value of $5,000. We expect it to have a useful life of 4 years. No matter what depreciation method we use, the book value will never, in any year, be less than what amount