Question 2 (6 points) Isle Express Ltd. (IEL) provides transport services to local restaurants on Vancouver Island. The company began operating two years ago and has a December 31" year end. Select account balances at the beginning of the 2020 year were as follows: Trucks $1,600,000 DR $700,000 CR Accumulated depreciation, Trucks Common shares (1,000,000 shares authorized, 100,000 shares issued and outstanding) $350,000 CR The company depreciates its trucks using the double-diminishing balance method and only records depreciation annually at the end of each year, Management has estimated that the trucks will have a useful life of 8 years and a residual value of $150,000. The company had recorded two years of depreciation prior to the start of the current year. There were no additions or disposals of trucks this year. The company's bookkeeper recently became ill, and you have been hired to finish the accounting entries for the current year. Before leaving, the bookkeeper recorded all transactions for the year except for the following items: i - wwwritepe EST WEL *** Wwe accounting entries for the current year. Before leaving, the bookkeeper recorded all transactions for the year except for the following items: 1. November 1, IEL declared and paid a cash dividend of $0.25 per share. 2. On November 30, IEL paid its employees for wages earned in November. The total gross monthly payroll was $90,000 and the company withheld (deducted) CPP premiums of $4,500, El premiums of $1,440 and income taxes of $15,300 from the employees' cheques. The net pay cheques were given to the employees on this date. 3. On November 30, IEL calculated and needs to record its portion of the CPP and El premiums relating to November wages. The CPP premiums were $4,500 and the EI premiums were $2,015. 4. On December 15, IEL made the remittance to the government relating to the November 30 payroll. 5. On December 31, depreciation expense on the trucks needs to be calculated and recorded. Required: (6 marks - 14 minutes) Prepare the journal entries required for the five items identified above