Transactions for Fixed Assets, Including Sale The following transactions, adjusting entries, and closing entries were completed by King 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. 4. Purchased a used delivery truck for exist48, 600, paying cash. Feb. 24. Paid garage exist170 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 9 years, with a residual value of exist10, 200 for the truck. 2015 Jan. 3. Purchased a new truck for exist55, 860, paying cash Mar. 7. Paid garage exist240 to tune the engine and make other minor repairs on the used truck. Apr. 30. Sold the used truck for exist33, 600. (Record depreciation to date in 2015 for the truck.) Dec. 31. Record depreciation for the new truck. It has an estimated trade-In value of exist10, 100 and an estimated life of 7 years. 2016 July 1. Purchased a new truck for exist89,000, paying cash. Oct. 7. Sold the truck purchased January 3, 2015, for exist33, 050. (Record depreciation to date in 2016 for the truck.) Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of exist16,000 and an estimated useful life of 10 years. Required: Journalize the transactions and the adjusting entries. For a compound transaction, if an amount box does not require an entry, leave it blank. Do not round intermediate calculations