Question three On January 1 2016, ABC company purchased a car and a truck at an acquisition cost of 105,000 SAR and 500,000 SAR, respectively. The vehicles have been depreciated by the straight line method using a 5 year useful life and only the car had an expected residual value which was estimated at 5,000 SAR. Instructions a) Record the annual depreciation in the journal of ABC Company at the end of 2016. b) Prepare the journal entries to record the disposal of the truck knowing that it was retired and scrapped on January 2020. c) Prepare the journal entries to record the disposal of the car knowing that it was sold for 12,000 on July 01 2020