On 1/1/2017, a city purchases a new police car for $110,000 (useful life 10 years). On January 1, 2020, the city sold the car for $55,000 cash received 30,000 remaining by receiving two years note. Required: make the required journal entries to record the purchase and the sale of car under both modified and full accrual basis Date Modified accrual basis Full accrual basis 1/1/2017 When purchased 1/1/2020 When sold