Question 9.6 Acquisition of assets, depreciation, change to revaluation model LO 3,5,6 HD Robert Niro commenced operations on 30 March 2012 in the rubbish and recycling industry. trading as Midnight Run Services Ltd. The end of the reporting period is 31 December, and the company depreciates all depreciable assets using the straight-line method. Chapter 9 | Property, plant and equipment 443 ENT ACTIVITY SECTION The following events occurred during 2015 and 2016: 2015 April 01 Paid S140000 cash for a second-hand truck (Truck A), Robert estimated the truck's useful life and residual value at 5 years and $20000. Paid $1500 cash to recondition Truck A's engine. June 30 Paid $32000 cash for equipment. Robert estimated the equipment's useful life and residual value at 10 years and $1500. Aug 31 Paid $600 cash for Truck A's transmission repairs and oil change. Dec. 31 Recorded depreciation on Truck A and equipment 2016 March 13 Paid $290 cash to replace a damaged bumper bar on Truck A. Aug. 01 Traded in Truck A for a new truck (Truck B) that cost $240000. The dealer granted a trade-in allowance of $90 000 on the Truck A, and the balance was paid in cash. Robert estimated Truck B's useful life and residual value at 7 years and $30000 Dec. 31 Recorded depreciation on Truck B and the equipment. Robert decided to change the basis of measuring equipment to the revaluation model. He assessed the equipment's fair value at 31 December 2016 at $29000. Required Prepare general journal entries to record the above events