Part 3: Disposing of Assets Utilize The Salty Spitoon, example provided in Part 2. Suppose that The Salty Spitoon decides to sell the truck for $23,900 on January 1, 2022. 1. Compute the gain or loss on the sale of the truck on January 1, 2022. Note each account that would be recorded in this transaction, if the account is increasing or decreasing, and the dollar amount. 2. Compute the gain or loss if they had sold the truck for $28,500 on January 1, 2022. Note each account that would be recorded in this transaction, if the account is increasing or decreasing, and the dollar amount. Part 2: Utilizing Assets The Salty Spit on purchased an equipment truck on October 1, 2019. The truck cost $31,450 plus $2,900 in taxes and $506 in destination/shipping charges. The Salty Spitoon paid $20,000 in cash and signed a note for the remainder. The company's accounting manager estimates the truck to have a seven-year useful life and residual value of $1,400. The Salty Spitoon uses the straight-line depreciation method. 1. Which accounts will be affected by the accounting entry on October 1, 2019 to capitalize the truck? Note each account, if it increases or decreases, and the dollar amount. Round answer to nearest dollar. 2. How much straight-line depreciation will be recorded for the year ended December 31, 2019 (rounded to the nearest dollar)? To which accounts will the depreciation be recorded and how will the 2019 financial statements be impacted? 3. How much depreciation expense (related to the truck) will appear in the income statement for the year ended December 31, 2020? 4. What is the net book value of the truck that will appear in the company's December 31, 2020 balance sheet