Outlan Am Co purchased a Trademark for $ 480,000 on October 1, 2020. The Trademark is legally used for 20-year period Required: Prepare the journal entry to record the amortization expense on Dec 31, 2020 B. On January 1, 2018, Zallaq Trading Co. acquired a truck costing $425,000, Zallaq uses the straight-line method to depunciate the truck of 10 years. On July 1, 2020, Zallaq sold the truck for $ 280,000 cash. Required: Prepare journal entries to record: 1. The partial year's depreciation (the update) on July 1, 2020 2. The sale of the truck on July 1, 2020. YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM; DO NOT USE" BETWEEN NUMBERS Dr. Cash 10000 Cr. Land 10000 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I. Arial I v S Paragraph 10pt + X X ED PES > Tc ER 1 2 1!! !!! A V V ES - ctober 1, 2020. The Trademark is legally used for 20-year period tion expense on Dec. 31, 2020 costing $425,000. Zallaq uses the straight-line method to depreciate the truck with an estimated svag ut 25.000 ,000 cash. 20. 1; DO NOT USE BETWEEN NUMBERS: ==== Juli . Q6 (1) ALI 10pt EX TT * 2 WORDS DOW