NeverLate Ltd. completed the following transactions involving delivery trucks: 2020 Mar. 26 Paid cash for a new delivery truck, $87,500 plus $3,500 of freight costs. The truck was estimated to have a five-year life and a $10,000 trade-in value. Dec. 31 Recorded straight-line depreciation on the truck to the nearest whole month. 2021 Dec. 31 Recorded straight-line depreciation on the truck to the nearest whole month. However, due to new Required: information obtained early in January, the original estimated useful life of the truck was changed from five years to four years, and the original estimated trade-in value was increased to $14,500. Prepare journal entries to record the transactions. (Do not round intermediate calculations.) View transaction list Journal entry worksheet < 1 2 3 Record the depreciation from Mar. 26 to Dec. 31, 2020. Note: Enter debits before credits. < Prev 2 of 5 Next >