Problem #5 Simons Equipment Ltd. purchased a delivery truck on June 1 for $42,000, paying $8,000 cash and signing a 6%, 2-month bank loan for the remaining balance. Interest is due at maturity. The estimated useful life of the truck is expected to be 5 years. Simons prepares monthly financial statements. Instructions - 10 marks (a) Prepare the journal entry to record the purchase of the delivery truck on June 1. Simons uses the Vehicles account to record purchase of all vehicles. (b) Prepare any adjusting journal entries that should be made on June 30. (c) Show how the delivery truck will be reflected on Simons Equipment's statement of financial position at June 30.