Question 2 Joel Florists acquired a truck on January 1, 2005. The company paid $11,000 for the truck, $500 for destination charges, and $250 to paint the company name on the side of the truck. The company's accounting manager estimates the truck to have a five- year useful life and a residual value of $1,750. On January 1, 2005, how much should Joel Harvey Florist capitalize for the cost of the truck? 1. 2. Compute depreciation for the years 2005 through 2009 if the company uses: straight-line method, double declining-balance method. a. b. 3. On December 31, 2006, Joel Florists sold the truck for $3,000 cash. Jounalize the sales transaction if straight-line method were used