Transactions forFixed Assets, Including Sale

The following transactions, adjusting entries, and closing entries were completed by King Furniture Co. during a three-year period. All are related to the use of delivery equipment. Thedouble-declining-balance methodofdepreciationis used.

2012
Jan. 4.	Purchased a used delivery truck for $38,400, paying cash.
Feb. 24.	Paid garage $150 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 8 years, with a residual value of $8,100 for the truck.
2013
Jan. 3.	Purchased a new truck for $44,100, paying cash.
Mar. 7.	Paid garage $290 to tune the engine and make other minor repairs on the used truck.
Apr. 30.	Sold the used truck for $25,300. (Record depreciation to date in 2013 for the truck.)
Dec. 31.	Record depreciation for the new truck. It has an estimated trade-in value of $7,900 and an estimated life of 7 years.
2014
July 1.	Purchased a new truck for $94,000, paying cash.
Oct. 7.	Sold the truck purchased January 3, 2013, for $26,050. (Record depreciation to date in 2014 for the truck.)
Dec. 31.	Recorded depreciation on the remaining truck. It has an estimated residual value of $16,900 and an estimated useful life of 10 years.

Required:

Journalize the transactions and the adjusting entries. For a compound transaction, if an amount box does not require an entry, leave it blank. Do not round intermediate calculations.

2012 Jan. 4
Feb. 24
Dec. 31
2013 Jan. 3
Mar. 7
Apr. 30-Deprec.
Apr. 30-Sale
Dec. 31
2014 July 1
Oct. 7-Deprec.
Oct. 7-Sale
	Accumulated Depreciation-Delivery Truck Cash Depreciation Expense-Delivery Truck Gain on Sale of Delivery Truck Loss on Sale of Delivery Truck
Dec. 31