Ashvibhai Transactions for Fixed Assets, Including Sale The following transactions and adjusting entries were completed by LegacyFurniture 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. 4 Purchased a used delivery truck for $9, 600, paying cash. Nov. 2Paid garage $210 for miscellaneous repairs to the truck. Dec. 31 Recorded depreciation on the truck for the year. Theestimated useful life of the truck is 4 years, with a residual value of $2,000 for the truck. Year 2 Jan. 6 Purchased a newtruck for $6,000, paying cash. Apr. 1 Sold the used truck purchased on Jan. 4 of Year 1 for $3,900. (Record depreciationto date in Year 2 for the truck.) June 11 Paid garage $350 for miscellaneous repairs to the truck. Dec. 31 Recorddepreciation for the new truck. It has an estimated residual value of $1,100 and an estimated life of 5 years. Year 3 July 1Purchased a new truck for $88,000, paying cash. Oct. 2 Sold the truck purchased January 6, Year 2, for $2,320. (Recorddepreciation to date for Year 3 for the truck.) Dec. 31 Recorded depreciation on the remaining truck purchased on July 1.It has an estimated residual value of $15,800 and an estimated useful life of eight years. Required: Journalize thetransactions and the adjusting entries. If an amount box does not require an entry, leave it blank. Do not roundintermediate calculations. Round your final answers to the nearest cent.

Double declining depreciation expense = 2 * ( cost - residual value ) / useful life of the asset

It has an estimated residual value of $15,800 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.

It has an estimated residual value of $15,800 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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