Tower Company owned a service truck that was purchased at the beginning of Year 1 for $41,000 it had an estimated life of three years and an estimated salvage value of $5,000 Tower Company uses straight line depreciation its financial condition as of January 1, Yeat 3, is shown in the following financial statements model: Rev Exp. - Net Inc Cash Flow Cash 28,000 Assets Book Value of Truck 21,000 Equity Com. Stk. Ret. Earn 14,000 35,000 NA NA NA In Year 3 Tower Company spent the following amounts on the truck Jan. 4 Overhauled the engine for 36,000. The estimated te was extended one additional year, and the salvage value was revised to $4,000 July 6 obtained oil change and transmission service, 3330 Aue placed the fan belt and battery, 3430 Dec 31 Purchased gasoline for the year, $8,300 Dec. 31 Recognized Year 3 depreciation expense Required a. Record the Year 3 transactions in a statements model like the preceding one b. Prepare journal entries for the Year 3 fransactions Complete this question by entering your answers in the tabs below. Required A Required B Record the Year 3 transactions in a statements model like the preceding one. (In the Cash Flow column, use the initials on to designate operating activity, IA for Fr for financing activity, NC for net change and NA for not affected. Round your answers to the nearest dollar amount. Enter any decreases to account balances w TOWER COMPANY Statements Model for Year 3 Stockholders' Equity Revenue Assets Expense Net Income Cash Flow No Cash Book Value of Truck Common Stock Retained Earnings Balance 28,000 21,000 14.000+ 35,000 NA 114 4 7/6 SU 12:31 Total 28.000 21.000 14.000 35,000 0 0 0 Required > Tower Company owned a service truck that was purchased at the beginning of Year 1 for $41.000 it had an estimated life of three years and an estimated salvage value of $5,000 Tower Company uses straight-line depreciation its financial condition as of January 1, Year 3 is shown in the following financial statements model Rev. EXD. Net Inc Cash Flow Cash 28,000 Assets Book Value of Thick 21,300 Equity Con. Stk. Retorn 14,000 35,900 NA MA NA NA Jan. In Year 3 Tower Company spent the following amounts on the truck 4 Overhauled the engine for 56,88. The estimated life was extended on additional year, and the salvage value was revised to $4,600. July 6 Obtained oil change and transmission service, 3330 Aug. 7 Replaced the fan belt and battery, 549. Dec 31 Purchased line for the year, 58,00 Dec. 31 Recognized Year 3 depreciation expense. Required a. Record the Year 3 transactions in a statements model like the preceding one b. Prepare journal entries for the Year 3 fransactions