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Transactions for Fixed Assets, Including Sale 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 depreciation is used. Year 1 Jan. 8. Purchased a used delivery truck for $48,600, paying cash. Mar. 7. Paid garage $130 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. Year 2 Jan. 9. Purchased a new truck for $55,860, paying cash. Feb. 28. Paid garage $260 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 Year 2 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. Year 3 Sept. 1. Purchased a new truck for $86,000, paying cash. Sept. 4. Sold the truck purchased January 9, Year 2, for $34,000. (Record depreciation to date in Year 3 for the truck.) Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $15,500 and an estimated useful life of 10 years. Journalize the transactions and the adjusting entries. If an amount box does not require an entry, leave it blank. Do not round Intermediate calculations. Round your final answers to the nearest cent. Year 1, Jan. 8 Delivery Truck 38,400 X 24,000 X Cash 38,400 X Mar. 7 Truck Repair and Maintenance Expense 900 Cash 900 x Dec. 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Year 2, Jan. 9 Delivery Truck Cash Feb. 28 Truck Repair and Maintenance Expense dropdown Cash II IIII II II II II III Apr 30-Deprec. Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Accumulated Depreciation-Delivery Truck Apr. 30-Sale Cash Loss on Sale of Delivery Truck Delivery Truck Dec. 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Year 3, Sept. 1 - Delivery Truck Cash Sept. 4-Deprec. Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Sept. 4-Sale Cash 1 LILI LI DO DU LIII II II Accumulated Depreciation-Delivery Truck Delivery Truck Gain on Sale of Delivery Truck Dec. 31 Depreciation Expense-Delivery Truck 19,200 Accumulated Depreciation-Delivery Truck 19,200 x