Exercise 4: (15 points) On January 1, 2013, Brazeau Transport purchased a $165,000 truck for hauling...

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Exercise 4: (15 points) On January 1, 2013, Brazeau Transport purchased a $165,000 truck for hauling cattle across the border. Brazeau plans on driving the truck for four years or 450,000 kilometers. Expected residual value for the truck is $35,000. On June 30, 2016, after having driven the truck 44,000 kilometers, the truck had an accident on the highway and Brazeau had to sell it afterwards for $42,000 cash. Record the disposal of the truck on June 30, 2016 assuming the amortization expense for the truck to the date of the disposal has already been recorded using the straight-line method. Exercise 4: (15 points) On January 1, 2013, Brazeau Transport purchased a $165,000 truck for hauling cattle across the border. Brazeau plans on driving the truck for four years or 450,000 kilometers. Expected residual value for the truck is $35,000. On June 30, 2016, after having driven the truck 44,000 kilometers, the truck had an accident on the highway and Brazeau had to sell it afterwards for $42,000 cash. Record the disposal of the truck on June 30, 2016 assuming the amortization expense for the truck to the date of the disposal has already been recorded using the straight-line method.