Questions One$-$ Alaska Contractions completed the following transactions involving a delivery truck.

Year $1$

$$ April $1,2020.$ Paid $$167,600$ cash plus $$16,700$ in sales tax, $$2,500$ in transportation fees, $$500$ in driving license fees and $$12000$ for the annual insurance for a new delivery truck. The Truck is estimated to have a $12-$years useful life and a $$17,600$ salvage value.

$$ August $1.$ Paid $$5000$ to add a GPS navigation system to improve the functionality of the truck. This increased the estimated salvage value of the truck by another $$400.$

October $4.$ backed it into a tree. Paid $$850$ for minor repairs to the truck after the driver

$$ December $31$ Recorded annual straight$-$line depreciation on the Truck.

Year $5$

December $31$ End of year $5,$ The company changed their estimate and decided to reduce the useful life to $9$ years only and reduce the salvage value by $$500.$ Record annual straight$-$line depreciation on the truck.

Year $8$

$$ December $31$ The company decided to discard their Truck by selling it for $$43,000$ cash.

Instructions: For each of the above events, Record the necessary Journal entries, showing details of your calculations.

Calculate the cost of the Truck and record the journal entry for its purchase.