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 $$675$ 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 $$5,000$ for the truck.

Year $2$

Jan. $6$ Purchased a new truck for $$48,000,$ paying cash.

Apr. $1$ Sold the used truck purchased on Jan. $4$ of Year $1$ for $$15,000.($Record depreciation to date in Year $2$ for the truck.$)$

June $11$ Paid garage $$450$ for miscellaneous repairs to the truck.

Dec. $31$ Record depreciation for the new truck. It has an estimated residual value of $$9,000$ and an estimated life of five years.

Year $3$

July $1$ Purchased a new truck for $$54,000,$ paying cash.

Oct. $2$ Sold the truck purchased January $6,$ Year $2,$ for $$16,750.($Record depreciation to date for Year $3$ for the truck.$)$

Dec. $31$ Recorded depreciation on the remaining truck purchased on July $1.$ It has an estimated residual value of $$12,000$ 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.

CHART OF ACCOUNTS Legacy Furniture Co $.$General Ledger

ASSETS

$110$ Cash

$111$ Petty Cash

$112$ Accounts Receivable

$114$ Interest Receivable

$115$ Notes Receivable

$116$ Merchandise Inventory

$117$ Supplies

$119$ Prepaid Insurance

$120$ Land

$123$ Delivery Truck

$124$ Accumulated Depreciation$-$Delivery Truck

$125$ Equipment

$126$ Accumulated Depreciation$-$Equipment

$130$ Mineral Rights

$131$ Accumulated Depletion

$132$ Goodwill

$133$ Patents

LIABILITIES

$210$ Accounts Payable

$211$ Salaries Payable

$213$ Sales Tax Payable

$214$ Interest Payable

$215$ Notes Payable

EQUITY

$310$ Owner's Capital

$311$ Owner's Drawing

REVENUE

$410$ Sales

$610$ Interest Revenue

$620$ Gain on Sale of Delivery Truck

$621$ Gain on Sale of Equipment

EXPENSES

$510$ Cost of Merchandise Sold

$520$ Salaries Expense

$521$ Advertising Expense

$522$ Depreciation Expense$-$Delivery Truck

$523$ Delivery Expense

$525$ Truck Repair Expense

$529$ Selling Expenses

$531$ Rent Expense

$532$ Depreciation Expense$-$Equipment

$533$ Depletion Expense

$534$ Amortization Expense$-$Patents

$535$ Insurance Expense

$536$ Supplies Expense

$539$ Miscellaneous Expense

$710$ Interest Expense

$720$ Loss on Sale of Delivery Truck

$721$ Loss on Sale of Equipment