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 Purchased a used delivery truck for $28,400, paying cash. Paid garage 5750 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 $5.265 for the truck. Dec. 31 Year 2 Jan. 6. Apr. 1 Purchased a new truck for $49,700, paying cash. Sold the used truck for $15,140. (Record depreciation to date in Year 2 for the truck.) Paid garage $475 for miscellaneous repairs to the truck. Record depreciation for the new truck. It has an estimated residual value of $8,795 and an estimated June 11 Dec. 31 life of five years Year 3 July 1. Oct 2 Purchased a new truck for $53.240, paying cash. Sold the truck purchased January 6, Year 2, for $17,394. (Record depreciation to date for Year 3 for the truck.) Dec. 31 Recorded depreciation on the remaining truck. It has an estimated residual value of $11,025 and an estimated useful life of eight years. Journalize the transactions and the adjusting entries. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Legacy Furniture Co. General Ledger ASSETS 110 Cash REVENUE 410 Sales 610 Interest Revenue 620 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Delivery Truck 523 Delivery Expense 525 Truck Repair and Maintenance Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Equipment 533 Depletion Expense 534 Amortization Expense-Patents 535 Insurance Expense 536 Supplies Expense 539 Miscellaneous Expense 710 Interest Expense 720 Loss on Sale of Delivery Truck 721 Loss on Sale of Equipment 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable