Prepare journal entries of Toyota Corporation for the following transactions, including explanation. The financial year end is 31 Dec 2020. November 1, Purchased vehicle for $400 000 with a $16 000 residual value and a 8 year 2020 useful life by paying $15 000 down and the balance with a note due in 6 months. Ignore interest) December 31, 2020 Record the adjusting entry for depreciation using the straight-line method to the nearest month. April 30, 2021 Sold the vehicle for $325 000 receiving cash of $25000 and received a note receivable for the balance. Toyota Corp paid off the note payable issued on November 1, 2020