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Transactions for Fixed Assets, Including Sale The following transactions and adjusting entries were completed by Legacy Furniture Co . during a three - year period.
Transactions for Fixed Assets, Including Sale
The following transactions and adjusting entries were completed by Legacy Furniture Co during a threeyear period. All are related to the use of delivery equipment. The doubledecliningbalance method of depreciation is used.
Year
Jan. Purchased a used delivery truck for $ paying cash.
Nov. Paid garage $ for miscellaneous repairs to the truck.
Dec. Recorded depreciation on the truck for the year. The estimated useful life of the truck is years, with a residual value of $ for the truck.
Year
Jan. Purchased a new truck for $ paying cash.
Apr. Sold the used truck purchased on Jan. of Year for $Record depreciation to date in Year for the truck.
June Paid garage $ for miscellaneous repairs to the truck.
Dec. Record depreciation for the new truck. It has an estimated residual value of $ and an estimated life of years.
Year
July Purchased a new truck for $ paying cash.
Oct. Sold the truck purchased January Year for $Record depreciation to date for Year for the truck.
Dec. Recorded depreciation on the remaining truck purchased on July It has an estimated residual value of $ and an estimated useful life of eight 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 Jan.
Nov.
Dec.
Year Jan.
Apr. Deprec.
Apr. Sale
Dec.
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