Jan. 4. Purchased a used delvery truck for $28,000, paying Nov. 2. Paid garage $675 tor miscellaneous repairs to the truck. Dec 31. Recorded depreciation on the truck for the year. The estimated useful life of the truck is tour years, with a residual value of $5,000 for the truck Jan. 6. Purchased a new truck for $48.000. paying cash Apr. 1. Sold the used truck for $15,000. (Record depreciation to date in Year 2 for the truck.) June 11. Paid garage $450 for miscellaneous repairs to the truck Dec s1. Record depreciation for the new truck.it has an estimated residual value of $9,000 and an estimated lite of five years. Year 3 July 1. Purchased a new truck tor $54,000, paying cash. Oct 2. Sold the truck purchased January 6. Year 2, tor $16,750 (Record depreciation to date for Year 3 for the truck.) Recorded depreciation on the remaining truck, It has an estimated residual value of $12,000 and an estimated Dec. 31. useful lite of eight years ^