The following transactions and adjusting entries were completed by Legacy 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. Year 1 Jan. 4. Nov. 2. Dec. 31. Year 2 Jan. 6. Apr. 1. June 11. Dec. 31. Purchased a used delivery truck for $28,000, paying cash. Paid garage $635 for miscellaneous repairs to the truck. Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with a residual value of $4,640 for the truck. Purchased a new truck for $49,400, paying cash. Sold the used truck for $15,180. (Record depreciation to date in Year 2 for the truck.) Paid garage $470 for miscellaneous repairs to the truck. Record depreciation for the new truck. It has an estimated residual value of $9,470 and an estimated life of five years.