Quik Movers Pte Ltd acquired a delivery truck on 1 April 2020. The following information relates to the truck: List price of truck (including registration tax) 48,000 Discount given 2,500 Insurance 800 Road Tax 1,000 Certificate of entitlement to own a vehicle 35,000 Painting of company logo on truck 500 Estimated petrol usage per month 1,000 Driver's salary per month 2,800 Maintenance and servicing per month 350 Installation of a hydraulic lift to facilitate loading/unloading 2,000

on 1 January 2023, the company spent $5,500 to completely overhaul the engine. As a result, the useful life of the truck was extended by 2 years but the resale value at the end of the useful life is expected to be $10,000. The company planned to change the method of depreciation to the double-declining method with effect from 1 January 2023. Determine the acquisition cost of the delivery truck, giving explanations to your answer.

Present the journal entries to record the purchase of the delivery truck assuming the company paid for all items except estimated monthly petrol usage, monthly salary and monthly maintenance on 1 April 2020. Narrations are not required.

Using the straight-line method, determine the depreciation expense, accumulated depreciation, and net book value of the delivery truck for each of the years ending 31 December 2020, 2021, and 2022.

Using the double declining balance method, determine the depreciation expense, accumulated depreciation, and net book value of the delivery truck for the year ending 31 December 2023.