NeverLate Ltd. completed the following transactions involving delivery trucks:

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Prepare journal entries to record the transactions.

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Paid cash for a new delivery truck, $92,000 plus $4,200 of freight costs. The truck was estimated to Mar. 26 2020 have a five-year life and a $10,000 trade-in value. Recorded straight-line depreciation on the truck to the nearest whole month. Recorded straight-line depreciation on the truck to the nearest whole month. 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 $14,500. Dec. 31 Dec. 2020 31 2021