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 $47,040, paying cash. Mar. 7. Paid garage $200 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 7 years, with a residual $900 for the Year 2 Jan. 9. Purchased a new truck for $87,480, paying cash. Feb. 28. Paid garage $300 to tune the engine and make other minor repairs on the used truck. Apr. 30. Sold the used truck for $29,050. (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 $15,700 and an estimated life of 9 years. Year 3 Sept. 1. Purchased a new truck for $89,000, paying cash. Sept. 4. Sold the truck purchased January 9, Year 2, for $60,560. (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 $16,000 and an estimated 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. Mar. 7 200 Dec. 31 Depreciation Expense-Delivery Truck 13,440 Accumulated Depreciation-Delivery Truck Year 2 Jan. 9 Delivery Truck 87,480 Cash 87,480 Feb. 28 Truck Repair Expense 300 Cash Apr. 30-Deprec. Apr. 30-Sale Sept. 4-Deprec. Depreciation Expense-Delivery Truck 89,000 Accumulated Depreciation-Delivery Truck Sept. 4-Sale Dec. 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck