Seetion B: Problems (32 points) 1. On January 1, 2012, a company buys a trck for $42,000 cash. It has estimated residual value of $2,000, and an estimated life of 4 years, or 200,000 miles. Assume the company uses units-of-production depreciation The trick drove 40,000 miles in 2012, 60,000 miles in 2013, 80,000 miles in 2014, and 20,000 miles in 2015. Please complete the depreciation schedule below. (13 points) Depreciation for the Year Depreciation Rate Accumulated Depreciation Depreciation Expense Depreciable Cost Book Value Date Asset Cost 1-1-2012 12-31-2012 12-31-2013 12-31-2014 12-31-2015 2 On January 1, 2012, a company buys equipment for $10,000. It has estimated residual value of $1,000, and an estimated life of 5 years. Assume the company uses double-declining-balance depreciation. Please complete the depreciation schedule below. (15 points) Depreciation for the Year Depreciation Rate Accumulated Depreciable Cost Depreciation Expense Date Asset Cost Depreciation Book Value 1-1-2012 12-31-2012 12-31-2013 12-31-2014 12-31-2015 12-31-2016 3. Job Sales sold a truck for $2,000 cash. It was originally purchased for $36,000, and had accumulated depreciation of $30,000 at the time of sale. Please provide the jounal entry for the sale of the truck. (4 points)