On January $1,2023,$ Land's End Construction purchased a used truck for $$47,500.$ A new motor had to be installed to get the truck in good working order; the costs were $$18,500$ for the motor and $$7,250$ for the labour. The truck was also painted for $$5,750.$ It was ready for use by January $4.$ A $12-$month insurance policy costing $$4,600$ was purchased to cover the vehicle. The driver filled it with $$280$ of gas before taking it on its first trip. It is estimated that the truck has a five$-$year useful life and a residual value of $$8,500.$ Land's End uses the straight$-$line method to depreciate all of its vehicles.

a$.$ Prepare the entry to record the purchase of truck, insurance, and gas.

Journal entry worksheet

$(1)2$

Record the expenses incurred.

Note: Enter debits before credits.