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Need help fast! just a few transactions!! thank you Transactions for Fixed Assetis, Including Sale The foliowing transactions and adjusting entries were completed by Legacy
Need help fast! just a few transactions!! thank you
Transactions for Fixed Assetis, Including Sale The foliowing transactions and adjusting entries were completed by Legacy furnibure Co, during a three-year period. All are reloted to the use of delvery equipment. The double-declining-balance method of depreciation is used. Year 1 Jan, 4 Purchased a used delivery truck for $9,600, parving cash. Nov, 2 Paid garage $210 for micellaneous repairs to the truck. Dec. 31 kecordad deprociatson on the truck for the yeac. The estimated useful life of the truck is 4 years, weh a residual walue of $2,000 for the truck. Year 2 Jan, 6 Purchased a new truck for $6,000, parying cash. Apr. 1 Sold the used truck purchesed on Jaruary 4 of Yesr 1 for $3,900. (Mecend depreciation to date in Year 2 for the truck) June 11 Paid garage $230 for miscellaneous repars to the truck Dec. 31 Recond depreciation for the new truck. It has an estimaled residuel volue of 51,100 and an estimated life of 5 years. Year 3 Julv 1. Purchased a new truck for 594,000 , paring cash. Oct. 2 Sold the truck purchssed January 6, Year 2, for $2,320, (Recoed dopreciation to date for Year 3 for the truck.) Dec. 31 Recorded depreciotion on the remaining treck purctused on July 1 . it has an estimated resclual value of sis,900 and an estimated iseful life of eight vears. Required: your final anwwers to the nearest cent. Journalize the transactions and the adjusting entries. If an amount box does not require on entry, leove it blank, Do not round intermediate calculations, Round your final answers to the nearest cent. Apr. 1.Sale June 11 Dec. 31 fmalinstrugter Bubmit Tet for Gradine Step by Step Solution
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