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 $45,600, paying cash. Paid garage $110 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 9 years, with a residual value of $10,200 for the truck. Year 2 January 9. February 201 April 30. Purchased a new truck for $55,860, paying cash. Paid garage $300 to tune the engine and make other minor repairs on the used truck. Sold the used truck for $33,500. (Record depreciation to date in Year 2 for the truck.) December 31. Record depreciation for the new truck. It has an estimated residual value of $10,100 and an estimated life of 7 years. Year 3 September 1. Purchased a new truck for $89,000, paying cash. September 4. Sold the truck purchased January 9, Year 2, for $34,000. (Record depreciation to date for Year 3 for the truck.) December 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $16,000 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, January B Delivery Truck 45,000 V 4,000 March 7 Truck Repair and Maintenance Expense 110 v 110 December 31 Depreciation Expense-Delivery Truck 10,000 v Accumulated Depredation-Delivery Truck 10,900 Year 2, January 9 Delivery Truck 53,860 v 55,900 February 25 Truck Repair and Maintenance Expense 300 April 30 Depreciation Depreciation Expense-Delivery Truck 2,500 Accumulated Depreciation-Delivery Truck 300 21900 Loss on Sale of Delivery Truck Delivery Truck April 30 Sale Accumulated Depreciation-Delivery Truck 33,000 15,000 48,000 December 31 Depreciation Expense-Delivery Truck 15,960 Accumulated Depreciation-Delivery Truck Year 3, September 1 Delivery Truck September 4 Depreciation Depreciation Expense-Delivery Truck Accumulated Depredation-Delivery Truck 19,000 v 0.000 21860 10,640 September 4 Sale 34,000 Accumulated Depreciation-Delivery Truck Delivery Truck 10,640 x 55.1900 Gain on Sale of Delivery Truck x x December 31 Depreciation Expense-Delivery Truck 5,933 x Accumulated Depreciation-Delivery Truck 5.033 x nsactions for fixed assets, including sale 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 depres er 1 nuary 8. arch 7, Purchased a used delivery truck for $48,600, paying cash. Paid garage $110 for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck ecember 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. ear 2 anuary 9 February 28. April 30, December 31 Year 3 Purchased a new truck for $55,860, paying cash. Paid garage $300 to tune the engine and make other minor repairs on the used truck. Sold the used truck for $33,600. (Record depreciation to date in Year 2 for the truck.) Record depreciation for the new truck. It has an estimated residual value of $10,100 and an estimated life of 7 years. September 1 Purchased a new truck for $89,000, paying cash. September 4. Sold the truck purchased January 9, Year 2, for $34,000. (Record depreciation to date for Year 3 for the truck.) December 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $16,000 and an estimated useful life of 10 years Required: Joumalize 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 Thick Cash March 7 December 31 Trick Repair and Maintenance Expense Cish- Oration Expense-Deffery Truck Accumulated Depredation Delberx Truck - Tear 2, January 9 Delivery Thick 4000 48,000 110 V 110 V 10,000 10,000 5500 SUNG February 281 Truck Repair and Maintenance Expe Cathy 300 300 Fors 30 Deprecation Deacon Exec Defic 2,300 Actuated Debreciation Delivery Thu 1800 V April 30 Sale Accumulated Depreciation Delivery Trick C 1.000 Lesson Sale of Delinck 45.000 Oclivery Truck December 31 Cactuellen Event Deliv 110 September 1. Purchased a new truck for $89,000, paying cash September 4. Sold the truck purchased January 9, Year 2, for $34,000. (Recard depreciation to date for Year 3 for the tr December 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $16,000 and an estim Required: Journalize the transactions and the adjusting entries. If an amount box does not require an entry, leave it blank. Do not re Year 1, January Delivery Truck Cash 41,500 4,000 March 7 Truck Repair and Maintenance Expense Cash 110 110 December 31 Depreciation Expense-Delivery Truck - 10,800 Accumulated Depreciation Delivery Thick - 10,800 Year 2, January 9 Delivery Truck V Cash February 28 Thick Repair and Maintance Expense Cash SAMO 300 300 April 30 Depreciation April 30 Sale Depreciation Expense Delivery Truck - Accumulated Depreciation-Delivery Truck Accumulated Depreciation-Delivery Truck Cash- Loss on Sale of Delivery Truck Delivery Truck 2.300 2800 12,000 15,000 X 48.600 December 31 Depreciation Expense Delivery Truck - Accumulated Depreciation-Delivery Truck 15,000 15960 Year 3, September 1 Delivery Truck 300 Cash 80,000- September 4 Depreciation Depreciation Expense Delivery Truck Accumulated Depreciation-Delivery Trick 21.300 X 10,640 x September 4 Sale Cash 34.000 1040 x December 31 Accumulated Depreciation-Delivery Truck Delivery Truck Gain on Sale of Delivery Truck V 720 X Depreciation Expense Delivery Trick- 5033 X Accumulated Depreciation-Delivery Track 5933 X