Instrucions The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. Year 1 Jan. 4 Purchased a used delivery truck for $28,400, paying cash. Paid garage $710 for miscellaneous repairs to the truck ov 2 Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with Dec. 31 a residual value of $4,835 for the truck Year 2 Purchased a new truck for $46,800, paying cash Jan 6 Sold the used truck for $15,145 (Record depreciation to date in Year 2 for the truck) Apr 1 Paid garage $465 for miscellaneous repairs to the truck June 11 Record depreciation for the new truck It has an estimated residual value of $8.560 and an estimated Dec 31 de of five years Year 3 Purchased a new truck for $52.960 paying cash July 1 Sold the truck purchased January 6, Year 2, for $16,356 (Record depreciation to date for Year 3 for the Oct 2 truck) Recorded depreciation on the remaining truck it has an estimated residual value of $12.375 and an Dec 31 Previous Next