Q O m/takeAssignment/takeAssignmentMain.do?invokera&takeAssignmentSessionLocator=&inprogress=false KAMIL Benefits torni Calcio On December 31, Strike Company sold one of its batting cages for $50,000. The equipment had an original cost of $310,000 and has accumulate depreciation of $260,000. Depreciation has been recorded up to the end of the year. What is the amount of the gain or loss on this transaction again of $50,000 Obno in or loss clous of $50,000 Od cannot be determined -ansactions for fixed assets, including sale Instructions Chart of Accounts Journal 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 Purchased a used delivery truck for $28,000 paying cash Nov 2. Paid garage 5635 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 $4,640 for the truck Year 2 Jan. 6. Purchased a new truck for $49,400, paying cash. Apr 1. Sold the used truck for $15.180 (Record depreciation to date in Year 2 for the truck) June 11. Paid garage 5470 for miscellaneous repairs to the truck. Dec. 31. Record depreciation for the new truck. It has an estimated residual value of $9.470 and an estimated life of five years Year 3 July 1. Purchased a new truck for $55,400, paying cash Oct 2 Sold the truck purchased January 6, Year 2 for $17.498. 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 $12.955 and an estimated useful life of eight years. Journalize the transactions and the adjusting entries. Refer to the Chart of Accounts for exact wording of accounts