Question A3 (10 marks) Express Transport Company completed the following transactions involving the purchase of delivery...

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Question A3 (10 marks) Express Transport Company completed the following transactions involving the purchase of delivery equipment: 2021 June June 26 Paid cash for a new truck, $68,400 plus $3,420 in freight costs. The truck was estimated to have a four year useful life and an estimated residual value of $18,000. 27 Paid $3,780 for special racks installed on the truck before the truck was put into service. The racks will enhance the economic benefits flowing from the truck and are expected to depreciate in an identical manner as the truck. December 31 Recorded double-declining balance depreciation on the truck to the nearest whole month. 2022 March 15 Paid $660 to replace and repaint the truck's fender damaged when the truck's driver backed into a loading dock. December 31 Recorded double-declining balance depreciation on the truck to the nearest whole month. 2023 May 31 Sold the truck for $38,000. Required: Prepare all journal entries to reflect this information. Question A3 (10 marks) Express Transport Company completed the following transactions involving the purchase of delivery equipment: 2021 June June 26 Paid cash for a new truck, $68,400 plus $3,420 in freight costs. The truck was estimated to have a four year useful life and an estimated residual value of $18,000. 27 Paid $3,780 for special racks installed on the truck before the truck was put into service. The racks will enhance the economic benefits flowing from the truck and are expected to depreciate in an identical manner as the truck. December 31 Recorded double-declining balance depreciation on the truck to the nearest whole month. 2022 March 15 Paid $660 to replace and repaint the truck's fender damaged when the truck's driver backed into a loading dock. December 31 Recorded double-declining balance depreciation on the truck to the nearest whole month. 2023 May 31 Sold the truck for $38,000. Required: Prepare all journal entries to reflect this information.