The truck has an estimated useful life of 5 years and a salvage value of $5,000. MNO Corporation uses the straight-line depreciation method. Requirements: a. Record the purchase of the delivery truck by MNO Corporation. b. Calculate the annual depreciation expense. c. Prepare the journal entry to record the depreciation expense for the first year. d. Determine the book value of the truck at the end of the second year. e. Analyze the impact of depreciation expense on the income statement and balance sheet.