eBook Transactions for fixed assets, Including sale Instructions Journal Chart of Accounts Journal Shaded cells have feedback. Instructions The following transactions and adjusting 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 Year 1 Jan 4 Nov. 2 Dec 31 Year 2 Jan. 6 Purchased a used delivery truck for $26,000, paying cash Paid garage $825 for miscellaneous repairs to the truck. Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years with a residual value of $2,000 for the truck Purchased a new truck for $60,000, paying cash. Apr. 1. Sold the used truck for $14,000 (Record depreciation to date in Year 2 for the truck) June 11 Paid oarane $280 for miscellaneous renairs to the thick Check My Work Previous Next> Sign out Apr 9 1:18 US Transactions for fixed assets, Including sale Instructions Chart of Accounts Journal Journal Instructions June 11. Dec. 31. Year 3 July 1 Oct. 2 Paid garage $280 for miscellaneous repairs to the truck. Record depreciation for the new truck. It has an estimated residual value of $7,000 and an estimated life of five years. Purchased a new truck for $65,000, paying cash. Sold the truck purchased January 6, Yer 2, for $19,520 (Record depreciation to date for Year 3 for the truck) Dec. 31 Recorded depreciation on the remaining truck. It has an estimated residual value of $6,000 and an estimated useful lite of eight years Journalize the transactions and the adjusting enzies. Refer to the Chart of Accounts for exact wording of account sides Shaded cells have feedback Previous Ned