2) Transport Company purchased truck at a cost 60000 on Jan 1 2001. The truck has an estimated useful life of 9 yrs. and a 15000 residual value.

2) Transport Company purchased truck at a cost 60000 on Jan 1 2001. The truck has an estimated useful life of 9 yrs. and a 15000 residual value.A. How much depreciation expense should be reported for the year 2007?B. What is the total amount of accumulated depreciation at December 31, 2007?C. Journalize the transaction