Instructions 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 $26,960, paying cash. Nov. 2 Paid garage $600 for miscellaneous repairs to the truck. Dec. 31. Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with a residual value of $5,250 for the truck. Year 2 Jan. 6. Purchased a new truck for $50, 150, paying cash. Apr. 1. June 11. Sold the used truck for $14,400. (Record depreciation to date in Year 2 for the truck.) Paid garage $465 for miscellaneous repairs to the truck. Record depreciation for the new truck. It has an estimated residual value of $8,850 and an estimated Dec. 31. life of five years. Year 3 July 1 Purchased a new truck for $55,520, paying cash. Oct. 2. Sold the truck purchased January 6, Year 2, for $17,473. (Record depreciation to date for Year 3 for the truck.) Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $12,565 and an estimated useful life of eight years