Plant, Property, and Equipment: please provide all required journal entries (account, amounts) for each fiscal year for the following individual piece of equipment: Show your work and assume a December 31 year end.

Year 1: June 1, 2020 - purchased a truck for $35,000. The truck has an expected useful life of 7 years, and a residual value of $5,000.

Year 2: any required entries

Year 3: the truck was sold on January 1 for cash equivalent to its net book value.