Part I (11 marks) On January 1, 2019, Rainbow Limited purchased a truck at a cost of $2,100,000. The truck was estimated to have a salvage value of $50,000 and an estimated useful life of five years. Required: (Show all calculations and round ALL answers to 2 decimal places.) a. Compute Rainbow's first year depreciation expense on the truck using the following methods: (i) Straight-line (ii) Double-declining balance (2 marks) b. Journalize the depreciation expense of the truck for Year 2019 under straight-line depreciation method. (Explanations for each journal entry are NOT required.) (2 marks) c. Show the truck's book value at the end of the Year 2020 under the double-declining balance depreciation method. (3 marks) d. Assume the company sold the truck on December 31, 2020 at a price of $1,000,000. Show the journal entry to record the truck's disposal under the straight-line depreciation method. (Explanations for each journal entry are NOT required.) (4 marks)