Photon Control completed the following transactions involving delivery trucks: Required Prepare journal entries to record thetransactions. 2014

Photon Control completed the following transactions involving delivery trucks:

Required
Prepare journal entries to record thetransactions.

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2014 Mar 26 Paid cash for a new delivery truck, $97,075 plus $5,825 of freight costs. The Dec. 31 Recorded straight-line depreciation on the truck to the nearest whole month Dec. 31 Recorded straight-line depreciation on the truck to the nearest whole month. truck was estimated to have a five-year life and a $15,000 trade-in value. 2015 However, due to new information obtained early in January, the original estimated useful life of the truck was changed from five years to four years, and the original estimated trade-in value was increased to $17,500.