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PR 9-5A Transactions for fixed assets, including sale Obj. 1,2,3 The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year

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PR 9-5A Transactions for fixed assets, including sale Obj. 1,2,3 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 $26,000, paying cash. Nov. 2. Paid garage 5825 for miscellaneous repairs to the truck. Dec 31. 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

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