The following transactions, adjusting entries, and closing entries were completed by Robinson 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. 2014 Jan. 8. Purchased a used delivery truck for $24,000, paying cash. Mar. 7. Paid garage $900 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 four years, with a residual value of $4,000 for the truck. 2015 Jan. 9. Purchased a new truck for $50,000, paying cash. Feb. 28. Paid garage $250 to tune the engine and make other minor repairs on the used truck. Apr. 30. Sold the used truck for $9,500. (Record depreciation to date in 2015 for the truck.) Dec. 31. Record depreciation for the new truck. It has an estimated residual value of $12,000 and an estimated life of eight years. Warren, Carl S.; Reeve, James M.; Duchac, Jonathan (2015-01-06). Financial & Managerial Accounting (Page 450). South-Western College Pub. Kindle Edition.