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Problem 1 (16 points) Please prepare journal entries for the following transactions: January 1, 2012, purchased a delivery truck, paying $87,000, cash. The truck has

Problem 1 (16 points) Please prepare journal entries for the following transactions: January 1, 2012, purchased a delivery truck, paying $87,000, cash. The truck has an estimated 7-year life and $5,000 salvage value. November 1, 2014, sold the delivery truck for $59,000, cash (don't forget to prepare the journal entry to update depreciation for 2014). Date Debit Credit

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