NOTE: Some one already answered this question, but still I am not clear on the steps to follow to find the depreciation. Could you please explain every step clearly to make sure I understand and know from where the numbers come from. Thank you very much.

Transactions for Fixed Assets, Including Sale The following transactions, adjusting entries, and closing entries were completed by King Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreclation is used 2014 Jan. 4. Purchased a used delivery truck for $48,600, paying cash Feb. 24. Pald garage $170 for changing the oll, replacing the oll filter,and tunlng the engine on the dellvery 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 $10,200 for the truck. 2015 an. 3. Purchased a new truck for $55,860, paying cash Mar. 7. Paid garage $240 to tune the engine and make other minor repairs on the used truck Apr. 30. Sold the used truck for $33,600. (Record depreciation to date in 2015 for the truck.) Dec. 31. Record depreclatlon for the new truck. It has an estlmated trade-In value of $10,100 and an estlmated lfe of 7 years 2016 July 1. Purchased a new truck for $89,000, paying cash Oct. 7. Sold the truck purchased January 3, 2015, for $33,050. (Record depreciation to date in 2016 for the truck) Dec. 31. Recorded depreclatlon on the remalning truck. It has an estimated resldual value of $16,000 and an estlmated useful life of 10 years. Required: Journalize the transactions and the adjusting entries. For a compound transaction, if an amount box does not require an entry, leave it blank. Do not round intermediate calculations