lowing transactions, adjusting entries, and closing entries were completed by King Furniture Co. during a three-year period. All are to the use of delivery equipment. The double-declining balance method of depreciation is used. Jan. 4, Purchased a used delivery truck for $77, 760, paying cash. Feb. 24, Paid garage $200 for changing the oil, replacing the oil filter and tuning the engine on the delivery truck. Dec. 31. Recorded depreciation on the truck for the fiscal year. The estimated useful life of the truck is 9 years, with a residual value of $16.300 Jan 3. Purchased a new truck for $88.200, paying cash. Mar. 7. Paid garage $350 to tune the engine and make other minor repairs on the used truck. Apr 30. Sold the used truck for $53, 750. (Record depreciation to date in 2013 for the truck.) Dec. 31. Record depreciation for the new truck. It has an estimated trade in value of s15900 and an estimated life of 7 years. July 1. Purchased a new truck for $92,000, paying cash. Oct. 7. Sold the truck purchased January 3, 2013, for $52, 100. (Record depreciation to date in 2014 for the truck.) Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $16, 600 and an estimated useful life of 10 years