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 $77,760, paying cash. Mar. 7. Paid garage $190 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 $16,300 for the truck. Year 2 Jan. 9. Purchased new truck for $88,200, paying cash. Feb. 28. Paid garage $200 to tune the engine and make other minor repairs on the used truck. Apr. 30. Sold the used truck for $53,750. (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 $15,900 and an estimated life of 7 years. Year 3 Sept. 1. Purchased a new truck for $92,000, paying cash. Sept. 4. Sold the truck purchased January 9, Year 2, for $53,600. (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 $16,600 and an estimated useful life of 10 years. Required: 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 77,760 Cash 77,760 Mar. 7 Truck Repair and Maintenance Expense 190 Cash 190 Dec. 31 Depreciation Expense-Delivery Truck 16,300 X Accumulated Depreciation-Delivery Truck 16,300 X Year 2, Jan. 9 Feb. 28 Apr. 30-Deprec. II II II IIII II II IIII II Apr. 30-Sale Dec. 31 Year 3, Sept. 1 Sept. 4-Deprec. Sept. 4-Sale II III II II II IIII II II Dec. 31