Apex Trucking purchased a truck for $100000 on January 1 2011. The useful life o

Apex Trucking purchased a truck for $100000 on January 1 2011. The useful life of the truck was estimated to be either five years or 200000 miles. Salvage value was estimated at $20000. Over the actual life of the truck it logged the following miles:Year 1 48000 milesYear 2 35000 milesYear 3 40000 milesYear 4 25000 milesYear 5 35000 milesYear 6 10000 milesAt the end of the sixth year the truck was sold for $12000.Prepare the journal entries to record depreciation over the life of the truck and its sale assuming these methods:1. Activity method2. Straight-line method