On January 1, 2014, a company buys a truck for $42,000 cash. It has estimated residual value of $2,000, and an estimated life of 8 years, or 200,000 miles. Please provide the journal entry for the purchase of the truck.
Definitions:
Negligence
Failure to take proper care in doing something, resulting in damage or injury to another.
Penalty
A financial charge imposed on an individual or entity for violating regulations or failing to comply with legal obligations.
Tax Due
The amount of tax owed to a government, typically determined after performing a calculation based on income and allowable deductions.
Social Security
A federal program in the United States that provides retirement benefits, disability income, and survivors benefits to eligible Americans.
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