The following transactions, adjusting entries, and closing entries were completed by King 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. (I believe that most of the entries I put in are correct. Im just missing the last 3 entries)

2012

Jan. 4.

Purchased a used delivery truck for $48,600, paying cash.

Feb. 24 Paid garage $110 for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck

Dec. 31 Recorded depreciation on the truck for the fiscal year. The estimated useful life of the truck is 9 years, with a residual value of $10,200 for the truck.

2013

Jan. 3 Purchased a new truck for $55,860, paying cash

Mar. 7 Paid garage $310 to tune the engine and make other minor repairs on the used truck.

Apr. 30 Sold the used truck for $33,600. (Record depreciation to date in 2013 for the truck

Dec. 31 Record depreciation for the new truck. It has an estimated trade-in value of $10,100 and an estimated life of 7 years.

2014

July 1 Purchased a new truck for $92,000, paying cash

Oct. 7 Sold the truck purchased January 3, 2013, for $33,050. (Record depreciation to date in 2014 for the truck

Dec. 31 Recorded depreciation on the remaining truck. It has an estimated residual value of $16,600 and an estimated useful life of 10 years.

2012 Jan. 4 Delivery Truck Cash Feb. 24 Truck Repair Expense Cash Dec. 31 Depreciation Expense-Delivery Accumulated Depreciation-De 2013 Jan. 3 Delivery Truck Cash Mar. 7 Truck Repair Expense Apr. 30-Deprec. Depreciation Expense-Delivery Accumulated Depreciation-Del v 48600 110 10800 55860 310 2800 48600 110 10800 55860 310 2800