Giant Constructions Ltd purchased a truck costing $125,000. The truck was shipped to the company at a cost of $2050. It is expected to have a residual value of $6,050 at the end of its useful life of 10 years or 290,000 kilometres. The firm's financial year ends on 30 June each year. Ignore GST. Required: a) Assume the truck was purchased on 1 July 2019 and that the accounting period ends on 30 June. Calculate the depreciation expense for the third year using each of the following depreciation methods (6 marks) straight-line diminishing balance (depreciation rate has been calculated as 27%) units of production (assume the truck was driven 34,000 km, 56,000 km, 68,200 km respectively in year 1, 2 and 3). ANSWER a): b) Prepare the relevant section of the financial statement that shows how the truck would appear in the financial statement prepared at the end of the 3d financial year using the straight-line method. (2 marks) ANSWER b): HIS001A Final Assessment T3 2021