Soledad Company purchased a truck at a cost of $$124,800.$ It has an estimated useful life of five years and estimated residual value ofSelect Apparel purchased $90$ new shirts and recorded a total cost of $$2,737$ determined as follows:

Required:

Prepare the journal entry to record this purchase in the correct amount, assuming a perpetual inventory system.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

Record the cost of the purchase, assuming a perpetual

inventory system.

Note: Enter debits before credits.

$$10,800.$ At the beginning of year three, Soledad's managers concluded that the total useful life would be four years, rather than five

years. There was no change in the estimated residual value. What is the amount of depreciation that Soledad should record for Year $3$

under the straight$-$line depreciation method?

Multiple Choice

$$17,100.$

$$34,200.$

$$30,700.$

$$22,800.$