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Question - Glossy Window Repair completed the following transactions:
2021
Jan 1 Paid $85,000 cash for a truck. The truck is expected to last 5 years and have a $15,000 salvage value.
Dec. 31 Recorded straight-line depreciation on the truck.
2022
January 5 Paid $4,000 on account for a crane to be added to the truck. The crane will last for the remaining life of the truck and have no residual value.
April 6 $6,000 cash was paid for new tires for the truck.
Dec. 31 Recorded straight-line depreciation on the truck (include any relevant subsequent expenditures).
REQUIRED - Prepare general journal entries for the above transactions. Show all calculations, but explanations can be omitted.
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