Chen Company completed the following transactions and events involving its delivery trucks 2014 Jan. 1 Paid $22,015 cash plus $1,485 in sales tax for a new delivery truck estimated to have a five-year life and a $2,450 residual value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. 2015 Dec 31 Due to new information obtained earlier in the year, the truck's estimated useful life was changed from five to four years, and the estimated residual value was increased to $2,700. Recorded annual straight-line depreciation on the truck. 2016 Dec 31 Recorded annual straight-line depreciation on the truck. Dec. 31 Sold the truck for $5,400 cash