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 $48,600, paying cash. Mar. 7. Pald garage 5110 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 510,200 for the truck, Year 2 Jan. 9. Purchased a new truck for $55,860, paying cash. Feb. 28. Pald garage $210 to tune the engine and make other minor repairs on the used truck, Apr. 30. Sold the used truck for $33,600. (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 $10,100 and an estimated life of 7 years Year 3 Sept. 1. Purchased a new truck for $82,000, paying cash Sept. 4. Sold the truck purchased January 9, Year 2 for $34,000 (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 $14,800 and an estimated useful life of 10 years Required: Soumalize the transactions and the adjusting entries. If an amount box does not require an entry, teave It blank. Do not round Intermediate calculations. Round your Ninal answers to the nearest cent. Year 1 an. Delivery TruCL Corred Cash 110 Mar 7 Truck Repair Expense Cash Previous Next 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 Jan. 8 Delivery Truck 43.600 Cash 4.600 110 Mar. 7 Truck Repair Expense Cash 110 Dec. 31 Depreciation Expense-Delivery Truck Accumulated Depreciation Delivery Truck Year 2 Jan. 9 Delivery Truck Cash 210 Feb. 28 Truck Repair Expense Cash 210 Apr 30-Deprec. Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Apr 30 Sale Accumulated Depreciation Delivery Truck Cash Loss on Sale of Delivery Truck Delivery Truck Will HII eBook Print Item Apr. 30-Deprec. Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Apr. 30-Sale 33,600 Accumulated Depreciation-Delivery Truck Cash Loss on Sale of Delivery Truck Delivery Truck Dec. 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck eve Year 3 Sept. 1 Delivery Truck Cash I DI 0 Il 1 1 1 Sept. 4-Deprec. Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck 34,000 Sept. 4-Sale Cash Accumulated Depreciation-Delivery Truck Delivery Truck Gain on Sale of Delivery Truck o Dec. 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Feedback
