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E6.10 Davis Enterprises, Inc. has a December 31 year end. On January 11, 20X4, Davis Enterprises, Inc. purchased a truck for heavy duty hauling for $40,000. The truck is expected to be used for 5 years and it has an estimated salvage value of $5,000. If the 150% declining-balance (1.5 DB) method of depreciation is used (with the half-year convention), determine the following: a) Depreciation expense for 20X4 and 20X5. b) Presentation of the truck on the statement of financial position as of December 31, 20X5. c) Assuming the truck was sold on October 15, 20X5, for $27,000, prepare the journal entry to record the sale. (Reminder: When the half-year convention is used, depreciation should be taken for one-half of a year in the year of sale.) E6.11 Davis Enterprises, Inc. has a December 31 year end. On January 11, 20X4, Davis Enterprises, Inc. purchased a truck for heavy duty hauling for $40,000. The truck is expected to be used for 5 years and be driven an estimated 100,000 miles in total. It has an estimated salvage value of $5,000. The truck was actually driven 24,000 miles in 20X4 and 25,000 miles in 20X5. If the units-of-output method of depreciation is used (based on mileage), determine the following: a) Depreciation expense for 20X4 and 20X5. b) Presentation of the truck on the statement of financial position as of December 31, 20X5. c) Assume the truck was sold on October 15, 20X5 for $27,000. During 20X4, 24,000 actual miles were driven, however only 19,800 actual miles were driven in 2005 through the October 15, 20X5 sale date. Prepare the journal entry to record the sale