Centerior Energy Company provides electrical power to the area around Cleveland, Ohio. Assume that the company completed the following transactions:

\section*{\(19 \mathrm{X} 4\)}

Jan. 3 Paid \(\$ 16,000\) cash for a used service truck.

5 Paid \(\$ 1,200\) to have the truck engine overhauled.

7 Paid \(\$ 300\) to have the truck modified for business use.

Oct. 3 Paid \(\$ 814\) for transmission repair and oil change.

Dec. 31 Used the double-declining-balance method to record depreciation on the truck. (Assume a four-year life.)

31 Closed the appropriate accounts.

\(19 \times 5\)

Mar. 13 Replaced the truck's broken windshield for \(\$ 275\) cash.

June 26 Traded in the service truck for a new truck costing \(\$ 23,000\). The dealer granted a \(\$ 4,000\) allowance on the old truck, and Centerior Energy paid the balance in cash. Recorded 19X5 depreciation for the year to date and then recorded the exchange of trucks.

Dec. 31 Used the double-declining-balance method to record depreciation on the new truck. (Assume a four-year life.)

31 Closed the appropriate accounts.

\section*{Required}

1. Open the following accounts in the general ledger: Service Trucks; Accumulated Depreciation-Service Trucks; Truck Repair Expense; Depreciation Expense-Service Trucks; and Loss on Exchange of Service Trucks.

2. Record the transactions in the general ledger and post to the ledger accounts opened.

Recording plant asset transactions, excbanges, changes in useful life (Obj. 1, 3, 5, 8)