The following transactions, adjusting entries, and closing entries were completed by Legacy Furniture Co. during a three-year period. All are related...

The following transactions, adjusting entries, and closing 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.

2014

Jan. 4.Purchased a used delivery truck for $29,200, paying cash.

Nov. 2.Paid garage $650 for miscellaneous repairs to the truck.

Dec. 31.Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with a residual value of $4,505 for the truck.

2015

Jan. 6.Purchased a new truck for $49,900, paying cash.

Apr. 1.Sold the used truck for $15,710. (Record depreciation to date in 2015 for the truck.)

June 11.Paid garage $495 for miscellaneous repairs to the truck.

Dec. 31.Record depreciation for the new truck. It has an estimated residual value of $8,790 and an estimated life of five years.

2016

July 1.Purchased a new truck for $55,320, paying cash.

Oct. 2.Sold the truck purchased January 6, 2015, for $17,708. (Record depreciation to date for 2016 for the truck.)

Dec. 31.Recorded depreciation on the remaining truck. It has an estimated residual value of $11,715 and an estimated useful life of eight years.