Swann Company sold a delivery truck on April 1, 2019. Swann had acquired the truck on January 1, 2015, for $40,500. At acquisition, Swann had estimated that the truck would have an estimated life of 5 years and a residual value of $3,000. Swann uses the straight-line method of depreciation. At December 31, 2018, the truck had a book value of $10,500. Required: 1. Prepare any necessary joumal entries to record the sale of the truck, assuming it soid for: a. 59,875 b. 57,275 2. How should the gain or loss on disposai be reported on the income statement? 3. Assume that Swann uses JFRS and soid the truck for $9,875. In addition, Swann had previously recorded a revaluation surpius related to this machine of $5,000. What joumal entries are required to record the sale? Chart of Accounts CHART OF ACCOUNTS Swann Company General Ledger ASSET S REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 882 Gain on Disposal of Property, Plant, and Equipment 141 Inventory 152 Prepaid Insurance EXPEN SES 186 Trucks 500 Cost of Goods Sold 198 Accumulated Depreciation 511 Insurance Expense 512 Utilities Expense LIABILITIES 521 Salaries Expense 211 Accounts Payable 531 Depreciation Expense 231 Salaries Payable 532 Bad Debt Expense 250 Unearned Revenue 540 Interest Expense 261 Income Taxes Payable 559 Miscellaneous Expenses 892 Loss on Disposal of Property, Plant, and Equipment EQUITY 311 Common Stock 331 Retained Earnings 335 Revaluation Surplus Prepare the necessary journal entries on April 1, 2019 to recoro: 1. Depreciation expense of the delivery truck for 2019 2. The sale of the truck, assuming it soid for $9,875 neral Joumal Instuctions Prepare the necessary journal entries on April 1,2019 to recoro: 1. Depreciation expense of the delivery truck for 2019 2. The sale of the truck, assuming it soid for $7,275 Prepare the necessary journal entries on April 1, 2019 to record: 1. Depreciation expense of the delivery truck for 2019 2. The sale of the truck, assuming it soid for $7,275 Assume that Swann uses IFRS and sold the truck for 59,875 . In addition, Swann had previously recorded a revaluation surpius ated to this machine of $5,000 1. Depreciation expense of the delivery truck for 2019 2. The sale of the truck, assuming it solid for $9,875 3. Other adjustments related to removing the delivery truck from the books