ebook Calculator Chapter 09 Homework 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 method of depreciation is used Year 1 Jan. 8. Purchased a used delivery truck for $61,440, paying cash Mar. 7. Paid garage 5200 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 8 years, with a residual value of $12,900 for the truck. Year 2 Jan. 9. Purchased a new truck for $70,560, paying cash. Feb. 28. Paid garage $210 to tune the engine and make other minor repairs on the used truck. Apr. 30. Sold the used truck for $40,440. (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 $12,700 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 $42,900.(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: Journalise the transactions and the adjusting entries. If an amount box does not require an entry, have blank. Do not round Intermediate calculations. Round your final answers to the nearest cent. Year 1, lan Delivery Truck Cash Mar. 7 Truck Repair and Maintenance Expense Cash Chapter 09 HC Depreciation Expense-Delivery Truck Dec. 31 Accumulated Depreciation-Delivery Truck Delivery Truck Year 2, Jan. 9 Cash Truck Repair and Maintenance Expense Feb. 28 Cash Apr. 30-Deprec. Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck II II IIII II II II II Apr. 30-Sale Accumulated Depreciation-Delivery Truck Cash Loss on Sale of Delivery Truck Delivery Truck Dec. 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Delivery Truck Year 3, Sept. 1 Cash Sept. 4-Deprec. Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Cash Sept. 4-Sale 1110 II Accumulated Depreciation-Delivery Truck II 1000 OC Delivery Truck Gain on Sale of Delivery Truck > Dec. 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck