The following transactions relate to Best Cars Company. The double-declining balance method is used.

1 January 2018 Purchased a used car BMW for $32,000, paying cash.

15 March 2018 Paid $900 for the repairs to the car

18 April 2018 Paid rent for May in the amount of $1,500

31 December 2018 Recorded depreciation of the car for the year. The estimated useful life of the car is 10 years with a residual value for $5,000

1 February 2019 Purchased a Toyota corolla for $58,000, paying cash.

1 May 2019 Sold the used car purchased on 1 January 2018 for $25,000

22 June 2019 Paid utilities for $455

31 December 2019 Recorded depreciation for Toyota corolla. It has an estimated useful life of 20 years and a residual value of $7,000

1 March 2020 Purchased a lamborghini for $200,000 on account

Nov 1 2020 Sold Toyota corolla for $63,000

31 December 2020 Recorded depreciation on the remaining car. It has an estimated useful life of 8 years and residual value of $25,000