Prepare general journal entries to record the following events: (Show your calculations) Jun 30, 2019 Paid cash for a new truck, $85,000 plus $5,700 for freight. The truck was estimated to have a five...

Prepare general journal entries to record the following events: (Show your calculations) Jun 30, 2019 Paid cash for a new truck, $85,000 plus $5,700 for freight. The truck was estimated to have a five year life and a $20,000 salvage value. Dec 31, 2019 Recorded straight-line depreciation expense on the truck. Jan 1, 2020 Upon further consideration, management revised the salvage value to $15,000 and an estimated useful life of six years. Dec 31, 2020 Recorded straight-line depreciation on the truck.