Laculator Print Item Transactions for Fixed Assets, including Sale 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 Purchased a used delivery truck for $15,360, paying cash. Nov. 2 Paid garage $160 for miscellaneous repairs to the truck. Dec 31 Recorded depreciation on the truck for the year. The estimated useful life of the truck is 4 years, with a residual value of $3,200 for the truck. Year 2 Jan. 6 Purchased a new truck for $9,000, paying cash. Apr. 1 Sold the used truck purchased on Jan. 4 of Year 1 for $6,270. (Record depreciation to date in Year 2 for the truck.) June 11 Paid garage $410 for miscellaneous repairs to the truck. Dec. 31 Record depreciation for the new truck. It has an estimated residual value of $1,600 and an estimated life of 5 years. Year 3 July 1 Purchased a new truck for $80,000, paying cash. Oct. 2 Sold the truck purchased January 6, Year 2, for $3,480. (Record depreciation to date for Year 3 for the truck.) Dec. 31 Recorded depreciation on the remaining truck purchased on July 1. It has an estimated residual value of $14,400 and an estimated useful life of eight years. Required: 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 Previous Next > Check My Work 2 more Check My Work uses remaining submit Andanment for Gradina MacBook Air eBook Calculator Print Item 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, 4 Delivery Truck 15,360 Cash 15.30 Truck Repair Expens Cash Depreciation Expense-Delivery Truck 7.580 Accumulated Depreciation-Delivery Truck Year 2 Jan 6 Delivery truck 9000 Cash A 1-Deprec Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Apr. 1-Sale Accumulated Depreciation Delivery Truck Cash Loss on Sale of Delivery Truck Previous Next > Check My Work 2 more Check My Work uses remaining All the MacBook Air TUTUSTUTLULU assignment-take&inprogress-false C eBook Apr. 1-Sale Calculator Print Item Accumulated Depreciation-Delivery Truck Cash Loss on Sale of Delivery Truck Delivery Truck June 11 Truck Repair Expense Cash L / Dec. 31 Depreciation Expense-Delivery / Accumulated Depreciation-Delivery 9 Year 3 July 1 Delivery Truck Cash Oct. 2-Deprec Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck k Oct. 2-Sale Cash Accumulated Depreciation-Delivery True on Sale of Delivery Truck SI Previous Check My Work 2 more Check My Work uses remaining Submit Arsion All work eBook Calculator Print Item Year 3 July 1 Delivery Truck Cash Oct. 2-Deprec. Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Oct. 2-Sale Cash 0 Ocull Accumulated Depreciation-Delivery Truck Loss on Sale of Delivery Truck v Delivery Truck Dec. 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Chock Wo Expenditures that improve the asset are recorded as increases to the fixed asset. Expenditures that are ordinary main Pay attention to the dates fixed assets were purchased and/or sold. Compare the book value amount to the sale price, the book value is less than the sale price, the asset was sold for
