Business, 10.08.2021 04:00 damienwoodlin6
The following transactions and adjusting entries were completed by Legacy 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. 4 Purchased a used delivery truck for $28,000, paying cash. Nov. 2 Paid garage $635 for miscellaneous repairs to the truck. Dec. 31 Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with a residual value of $4,640 for the truck. Year 2 Jan. 6 Purchased a new truck for $49,400, paying cash. Apr. 1 Sold the used truck purchased on January 4 of Year 1 for $15,180. (Record depreciation to date in Year 2 for the truck.) June 11 Paid garage $470 for miscellaneous repairs to the truck. Dec. 31 Recorded depreciation for the new truck. It has an estimated residual value of $9,470 and an estimated life of five years. Year 3 July 1 Purchased a new truck for $55,400, paying cash. Oct. 2 Sold the truck purchased January 6, Year 2, for $17,498. (Record depreciation 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 $12,955 and an estimated useful life of eight years.
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