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. Nov. 2 Dec. 31. Year 2 Jan. 6. Apr. 1. June 11. Dec. 31. Year 3 July 1. Oct. 2. Dec. 31. Purchased a used delivery truck for $26,000, paying cash. Paid garage $825 for miscellaneous repairs to the truck. 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. Purchased a new truck for $60,000, paying cash Sold the used truck for $14,000. (Record depreciation to date in Year 2 for the truck.) Paid garage $280 for miscellaneous repairs to the truck. Record depreciation for the new truck. It has an estimated residual value of $7,000 and an estimated life of five years. Purchased a new truck for $65,000, paying cash. Sold the truck purchased January 6, Year 2, for $19,520. (Record depreciation to date for Year 3 for the truck.) Recorded depreciation on the remaining truck. It has an estimated residual value of $6,000 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 account titles. E

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-decining-halance method of depreciation is used Year 1 Jan 4 : Purchased a used delivery truck for $26,000, paying cash. Nov. 2 Paid garage $825 for miscellaneous repairs to the truck. Dec.31. Recorded depreciation on the truck for the year. The estimated useful life of tho truckis four years, with a residual vatue of $2,000 for the truck. Year 2 Jan 6 Purchased a new truck for $60,000, paying cash Apr. 1 Sold the used truck for $14,000. (Record depreciation to date in Year 2 for the fruck) June 11 Paid garage $280 for miscellaneous repairs to the truck: Dec 31. Record depreciation for the new truck. It has an estamated residual value of $7,000 and an esfimated life of five years: Year 3 July 1 Purchased a new iruck for $65,000, paying cash. Od. 2 Sold the truck purchased January 6, Year 2. for \$19,520. (Record depreciation to date for Year 3 for the truck) Dec. 31: Recorded deprecation on the remaining truck. it has an estimated residuat vatue of $6,000 and an estimaled uselul tile of eight years. Jounskze the transactions and the aduating enthes. Refer to the Chart of Accounts for exict wording of account btes