The following transactions, adjusting entries, and closing entries were completed by Trail Creek Furniture Co. during a three year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. 2008 Jan. 6. Purchased a used delivery truck for $24,000, paying cash. July 19. Paid Garage $500 for miscellaneous repairs to the truck. Dec. 31. Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with a residual value of $4,000 for the truck. 2009 Jan 2. Purchased a new truck for $69,000, paying cash. Aug 1. Sold the used truck for $10,250. (Record the depreciation to date in 2009 for the truck) Oct 24. Paid garage $415 for miscellaneous repairs to the truck. Dec 31. Record depreciation for the new truck. It has an estimated residual value of $15,000 and an estimated life of five years. 2010 July 1. Purchased a new truck for $70,000, paying cash. Oct 1. Sold the truck purchased January 2, 2009, for $25,000. (Record depreciation for the year) Dec 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $18,000 and an estimated useful life of eight years. Instructions Journalize the transactions and the adjusting entries