CP 8-13 St. Laurent Limited purchased a truck for cash on January 1, 2018. The company's...

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CP 8-13 St. Laurent Limited purchased a truck for cash on January 1, 2018. The company's fiscal year-end is December 31. The company uses the year rule to calculate depreciation in the year of acquisition and disposal. The following details apply: Useful Salvage Cost life value Depreciation method $10,500 5 years $500 Double-declining balance On March 1, 2019, the company paid $3,500 for gas and oil, a tune-up, new tires, and a battery. It also paid $4,000 to install a lift on the back of the truck. Only the latter amount is material. Required: 1. Prepare journal entries to record a. the purchase of the truck b. depreciation for 2018 c. the 2019 expenditures relating to the truck d. depreciation for 2019. Prepare the journal entries to record the sale of the truck on March 3, 2020 for $8,000 cash, including 2020 depreciation expense. CP 8-13 St. Laurent Limited purchased a truck for cash on January 1, 2018. The company's fiscal year-end is December 31. The company uses the year rule to calculate depreciation in the year of acquisition and disposal. The following details apply: Useful Salvage Cost life value Depreciation method $10,500 5 years $500 Double-declining balance On March 1, 2019, the company paid $3,500 for gas and oil, a tune-up, new tires, and a battery. It also paid $4,000 to install a lift on the back of the truck. Only the latter amount is material. Required: 1. Prepare journal entries to record a. the purchase of the truck b. depreciation for 2018 c. the 2019 expenditures relating to the truck d. depreciation for 2019. Prepare the journal entries to record the sale of the truck on March 3, 2020 for $8,000 cash, including 2020 depreciation expense.