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The following transactions and adjusting entries were completed by Robinson Furniture Co. during a three-year period. All are related to the use of delivery equipment.

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The following transactions and adjusting entries were completed by Robinson Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depredation is used. Year 1 Jan. 8. Purchased a used delivery truck for $24,000, paying cash. Mar. 7. Pald garage $900 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 four years, with a residual value of $4,000 for the truck. Year 2 Jan. 9. Purchased a new truck for $50,000, paying cash. Feb. 28. Paid garage $250 to tune the engine and make other minor repairs on the used truck Apr 30, told the used truck for $9,500. (Record depreciation to date in Year 2 for the truck.) Dec. 31. Record depreciation for the new truck. It has an estimated residual value of $12,000 and an estimated life of eight years. Sept. 1. Purchased a new truck for $58,500, paying cash. Sept. 4. Sold the truck purchased January 9, Year 2, for $36,000 (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 $16,000 and an estimated useful life of 10 years, Login Pagek! Kahoot Loan Payment Required: Journalize the transactions and the adjusting entries. If an amount box does not require an entry, leave Year 1, Jan. 8 Delivery Truck 24,000 Cash 24,000 Mar. 7 Truck Repair and Maintenance Expense 900 Cash 900 Dec. 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Year 2, Jan. 9 50.000 Delivery Truck Cash 50,000 Truck Repair and Maintenance Expense 250 Feb. 28 Cash 250 arer Depreciation Expense Delivery Truck Accumulated Depreciation-Delivery Truck Apr. 30 Sale Accumulated Depreciation-Delivery Truck Cash 9,500 Loss on Sale of Delivery Truck Delivery Truck Dec. 31 Depreciation Expense-Delivery Truck 12,000 Accumulated Depreciation-Delivery Truck Year 3, Sept. 1 Delivery Truck Cash Sept. 4 Deprec. Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Sept. 4 Deprec. Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Sept. 4 Sale Cash Accumulated Depreciation-Delivery Truck Delivery Truck Gain on Sale of Delivery Truck Dec. 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck

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