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 January 8. March 7. Purchased a used delivery truck for $47,040, paying cash. Paid garage $230 for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck. December 31. Recorded depreciation on the truck for the fiscal year. The estimated useful life of the truck is 7 years, with a residual value of $9,900 for the truck. Year 2 January 9. February 28. April 30. December 31. Year 3 September 1. September 4. December 31. Purchased a new truck for $87,480, paying cash. Paid garage $250 to tune the engine and make other minor repairs on the used truck. Sold the used truck for $29,050. (Record depreciation to date in Year 2 for the truck.) Record depreciation for the new truck. It has an estimated residual value of $15,700 and an estimated life of 9 years. Purchased a new truck for $86,000, paying cash. Sold the truck purchased January 9, Year 2, for $60,560. (Record depreciation to date for Year 3 for the truck.) 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, January 8 Delivery Truck Cash 47,040 47,040 March 7 Truck Repair and Maintenance Expense 230 V Cash 230 December 31 Depreciation Expense-Delivery Truck 4,950 X Accumulated Depreciation-Delivery Truck 4,950 X Year 2, January 9 Delivery Truck 87,480 Cash 87,480 February 28 Truck Repair and Maintenance Expense Cash 250 250 April 30 Depreciation Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck 1,237.50 X 1,237.50 X April 30 Sale Accumulated Depreciation-Delivery Truck Cash Loss on Sale of Delivery Truck Delivery Truck 47,050 X December 31 Depreciation Expense-Delivery Truck 15,700 X Accumulated Depreciation-Delivery Truck 15,700 X Year 3, September 1 Delivery Truck Cash 86,000 86,000 September 4 Depreciation Depreciation Expense-Delivery Truck 60,560 X Accumulated Depreciation-Delivery Truck 60,560 X September 4 Sale Cash December 31 Accumulated Depreciation-Delivery Truck Delivery Truck Gain on Sale of Delivery Truck Depreciation Expense-Delivery Truck 15,500 X Accumulated Depreciation-Delivery Truck 15,500 X