PART B: SHORT ANSWER OUESTIONS (50 MARKS) Question 1: PPE - 15 marks On January I, 2023, Westlife Furniture purchases a new delivery truck. The company pays $60,000 for the truck, sales taxes of $3,400, and delivery costs of $1,700. Westlife Furniture pays a local vendor $3,600 to paint the company's name and logo on the side of the truck. It is estimated that truck will have a $5,000 residual value at the end of its 5-year useful life. It is also estimated that the truck will be driven 100,000 miles over its S-year life. Required: a) Compute the acquisition cost and journalize the purchase of the truck. (4 marks) b) Compute the amount of depreciation expense and accumulated depreciation for 202.3 and 2024 , using the straigh-line method of depreciation and prepare the adjusting entry to record the depreciation expense for 2023 ( 5 marks) c) If 16,000 miles and 24,000 miles are driven in 2023 and 2024 respectively, what are depreciation expense of these years? What is the net book value of the truck at December 31, 2024? The company uses the units-of-activity depreciation method ( 5 marks) d) Assume that at the end of year 2, the machine is sold for $40,000. Determine the gain or loss from this disposal. Given that the company uses umils-of-acrivily method for depreciation ( 1 mark)