Chapter 09 Homework eBook Calculator Print Item Transactions for Fixed Assets, Including Sale The following transactions and adjusting entries were completed by Robinson Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance m Year 1 Jan. 8. Purchased a used delivery truck for $77,760, paying cash. Mar. 7. Paid garage $160 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 $16,300 for the truck. Year 2 Jan. 9. Purchased a new truck for $88,200, paying cash. Feb. 28. Paid garage $370 to tune the engine and make other minor repairs on the used truck. Apr. 30. Sold the used truck for $53,750. (Record depreciation to date in Year 2 for the truck.) Dec. 31. Record depreciation for the new truck. It has an estimated trade-in value of $15,900 and an estimated life of 7 years. Year 3 Sept. 1. Purchased a new truck for $88,000, paying cash. Sept. 4. Sold the truck purchased January 9, Year 2, for $53,600. (Record depreciation to date in Year 3 for the truck.) Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $15,800 and an estimated useful life of 10 years. Required: Journalize the transactions and the adjusting entries. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Round your final answers to the nearest cent. Year 1, Jan. 8 Delivery Truck 77,760 Cash 77,760 Mar. 7 Truck Repair and Maintenance Expense 160 Cash 160 Dec. 31 Depreciation Expense-Delivery Truck 16,300 Dec. 31 16,300 Accumulated Depreciation-Delivery Truck 16,300 x Year 2, Jan. 9 Delivery Truck 88,200 Cash 88,200 Feb. 28 370 Truck Repair and Maintenance Expense Cash 370 Apr. 30-Deprec. 4,439 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck 4,439 Apr. 30-Sale Accumulated Depreciation-Delivery Truck Cash Loss on Sale of Delivery Truck Delivery Truck I TO DO O 0011 II II II IIII II lllI II II II II.1 II Dec. 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Year 3, Sept. 1 Delivery Truck Cash Sept. 4-Deprec. Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Sept. 4-Sale Cash Accumulated Depreciation-Delivery Truck Delivery Truck Gain on Sale of Delivery Truck Dec. 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Chapter 09 Homework eBook Calculator Print Item Transactions for Fixed Assets, Including Sale The following transactions and adjusting entries were completed by Robinson Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance m Year 1 Jan. 8. Purchased a used delivery truck for $77,760, paying cash. Mar. 7. Paid garage $160 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 $16,300 for the truck. Year 2 Jan. 9. Purchased a new truck for $88,200, paying cash. Feb. 28. Paid garage $370 to tune the engine and make other minor repairs on the used truck. Apr. 30. Sold the used truck for $53,750. (Record depreciation to date in Year 2 for the truck.) Dec. 31. Record depreciation for the new truck. It has an estimated trade-in value of $15,900 and an estimated life of 7 years. Year 3 Sept. 1. Purchased a new truck for $88,000, paying cash. Sept. 4. Sold the truck purchased January 9, Year 2, for $53,600. (Record depreciation to date in Year 3 for the truck.) Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $15,800 and an estimated useful life of 10 years. Required: Journalize the transactions and the adjusting entries. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Round your final answers to the nearest cent. Year 1, Jan. 8 Delivery Truck 77,760 Cash 77,760 Mar. 7 Truck Repair and Maintenance Expense 160 Cash 160 Dec. 31 Depreciation Expense-Delivery Truck 16,300 Dec. 31 16,300 Accumulated Depreciation-Delivery Truck 16,300 x Year 2, Jan. 9 Delivery Truck 88,200 Cash 88,200 Feb. 28 370 Truck Repair and Maintenance Expense Cash 370 Apr. 30-Deprec. 4,439 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck 4,439 Apr. 30-Sale Accumulated Depreciation-Delivery Truck Cash Loss on Sale of Delivery Truck Delivery Truck I TO DO O 0011 II II II IIII II lllI II II II II.1 II Dec. 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Year 3, Sept. 1 Delivery Truck Cash Sept. 4-Deprec. Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Sept. 4-Sale Cash Accumulated Depreciation-Delivery Truck Delivery Truck Gain on Sale of Delivery Truck Dec. 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck
