NeverLate Ltd. completed the following transactions involving delivery trucks:

	2020
Mar.	26	Paid cash for a new delivery truck, $88,000 plus $5,600 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 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.

Required: Prepare journal entries to record the transactions. (Do not round intermediate calculations.)

Check my work 1 NeverLate Ltd. completed the following transactions involving delivery trucks: 10 points 2020 Mar. 26 Paid cash for a new delivery truck, $88,000 plus $5,600 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. Skipped eBook 2021 Dec. 31 Recorded straight-line depreciation on the truck to the nearest whole month. However, due to new 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. Required: Prepare journal entries to record the transactions. (Do not round intermediate calculations.) Print References View transaction list Journal entry worksheet Record the purchase of new truck. 1 Journal entry worksheet 10 points Record the purchase of new truck. Skipped eBook Note: Enter debits before credits. Print Date General Journal Debit Credit References Mar. 26, 2020 Record entry Clear entry View general journal