Year $1$

Jan. $4.$ Purchased a used delivery truck for $$32,000,$ paying cash.

Nov. $2.$ Paid garage $$950$ for miscellaneous repairs to the truck.

Dec. $31.$ Recorded depreciation on the truck for the year. The estimated useful life of the truck is $4$ years, with a residual value of $$2,000$ for the truck.

Year $2$

Jan. $6.$ Purchased a new truck for $$80,000,$ paying cash.

Apr. $1.$ Sold the used truck for $$16,000.($Record depreciation to date in Year $2$ for the truck.$)$

June $11.$ Paid garage $$310$ for miscellaneous repairs to the truck.

Dec. $31.$ Record depreciation for the new truck. It has an estimated residual value of $$7,000$ and an estimated life of $5$ years.

Year $3$

July $1.$ Purchased a new truck for $$85,000,$ paying cash.

Oct. $2.$ Sold the truck purchased January $6,$ Year $2,$ for $$18,250.($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 $$6,000$ and an estimated useful life of $8$ years.

Required:

Journalize the transactions and the adjusting entries.