On January 1, Year 1, Marino Moving Company paid $48,000 cash to purchase a truck. The truck was expected to have a four year useful life and an $8,000 salvage value. Marino uses the straight-line method. On January 1, Year 3, Marinos accounting records contained the balances shown in the following financial statements model. Picture Also, on January 1, Year 3 the company paid $10,000 to replace an engine that would extend the useful life of the truck from a total of four years to a total of seven years. Which of the following journal entries would be required to record the capital expenditure on January 1, Year 3?
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