Truncate log and shrink all the database

Question:
How to truncate log and shrink the ALL the databases on a SQL Server 2005?

Gabbar:
Create the job with following script....
USE [msdb]
GO
/****** Object: Job [TruncateLogAndShrinkAllDatabases] Script Date: 02/06/2007 15:39:03 ******/
BEGIN TRANSACTION
DECLARE @ReturnCode INT
SELECT @ReturnCode = 0
/****** Object: JobCategory [Database Maintenance] Script Date: 02/06/2007 15:39:03 ******/
IF NOT EXISTS (SELECT name FROM msdb.dbo.syscategories WHERE name=N'Database Maintenance' AND category_class=1)
BEGIN
EXEC @ReturnCode = msdb.dbo.sp_add_category @class=N'JOB', @type=N'LOCAL', @name=N'Database Maintenance'
IF (@@ERROR <> 0 OR @ReturnCode <> 0) GOTO QuitWithRollback

END

DECLARE @jobId BINARY(16)
EXEC @ReturnCode = msdb.dbo.sp_add_job @job_name=N'TruncateLogAndShrinkAllDatabases',
@enabled=1,
@notify_level_eventlog=0,
@notify_level_email=0,
@notify_level_netsend=0,
@notify_level_page=0,
@delete_level=0,
@description=N'No description available.',
@category_name=N'Database Maintenance',
@owner_login_name=N'sa', @job_id = @jobId OUTPUT
IF (@@ERROR <> 0 OR @ReturnCode <> 0) GOTO QuitWithRollback
/****** Object: Step [TruncateLogShrink] Script Date: 02/06/2007 15:39:03 ******/
EXEC @ReturnCode = msdb.dbo.sp_add_jobstep @job_id=@jobId, @step_name=N'TruncateLogShrink',
@step_id=1,
@cmdexec_success_code=0,
@on_success_action=1,
@on_success_step_id=0,
@on_fail_action=2,
@on_fail_step_id=0,
@retry_attempts=0,
@retry_interval=0,
@os_run_priority=0, @subsystem=N'TSQL',
@command=N'DECLARE @var nvarchar(max)
SET @var = ''''

SELECT
@var = @var +
''
backup log '' + name + '' with truncate_only
DBCC SHRINKDATABASE('''''' + name + '''''')
''
FROM
sys.databases
WHERE
is_read_only = 0
AND database_id > 4

EXEC sp_executesql @var
',
@database_name=N'master',
@flags=0
IF (@@ERROR <> 0 OR @ReturnCode <> 0) GOTO QuitWithRollback
EXEC @ReturnCode = msdb.dbo.sp_update_job @job_id = @jobId, @start_step_id = 1
IF (@@ERROR <> 0 OR @ReturnCode <> 0) GOTO QuitWithRollback
EXEC @ReturnCode = msdb.dbo.sp_add_jobschedule @job_id=@jobId, @name=N'MidNight',
@enabled=1,
@freq_type=4,
@freq_interval=1,
@freq_subday_type=1,
@freq_subday_interval=0,
@freq_relative_interval=0,
@freq_recurrence_factor=0,
@active_start_date=20070206,
@active_end_date=99991231,
@active_start_time=0,
@active_end_time=235959
IF (@@ERROR <> 0 OR @ReturnCode <> 0) GOTO QuitWithRollback
EXEC @ReturnCode = msdb.dbo.sp_add_jobserver @job_id = @jobId, @server_name = N'(local)'
IF (@@ERROR <> 0 OR @ReturnCode <> 0) GOTO QuitWithRollback
COMMIT TRANSACTION
GOTO EndSave
QuitWithRollback:
IF (@@TRANCOUNT > 0) ROLLBACK TRANSACTION
EndSave: