Transactions for Fored Assets, including Sale The following transactions and adjusting entries were completed by Robinson Furniture Co. during a three-year period. At are related to the use of every equipment. The double-declining balance method of depreciation is used. Year 1 Jan. 8 Purchased a used delivery truck for $24,000, paying cash. Mar. 7 Paid garage $900 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 four years, with a residual value of $4,000 for the truck. Year 2 Jan. 9 Purchased a new truck for $50,000, paying cash. Feb. 28 Paid garage $250 to tune the engine and make other minor repairs on the used truck Apr. 30 sold the used truck for $9,500. (Record depreciation to date in Year 2 for the truck.) Dec. 31 Record depreciation for the new truck. It has an estimated residual value of 512,000 and an estimated life of eight years. Year 3 Sept. 1 Purchased a new truck for $58,500, paying cash Sept. 4 Sold the truck purchased January 9, Year 2, for $36,000. (Record depreciation to date for 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 useful life of 10 years Requir: Journalize the transactions and the adjusting entries. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Year 1 Delivery Truck Jan. 8 Cash 240.000 Mar. 7 Truck Repair Expense Cash Dec. 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck II II II II II II 13 II II IB II II Year 2 Jan. 9 Delivery Truck Cash 50,000 Truck Repair Expense Feb. 28 Cash Apr. 30 Deprec. Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Apr. 30 Deprec. Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Accumulated Depreciation-Delivery Truck Apr. 30 Sale Cash Loss on Sale of Delivery Truck Delivery Truck Dec. 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck II II JlI II ll llll II Year 3 Sept. 1 Delivery Truck Cash 58,000 X Sept. 4 Deprec. Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck III rach. Sept. 4 Deprec. Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Cash Sept. 4 Sale Accumulated Depreciation-Delivery Truck Delivery Truck Gain on Sale of Delivery Truck Il llll ll Dec. 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck