Business, 09.11.2021 15:20 leslieguerrero2225
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 $9,600, paying cash.
Nov. 2 Paid garage $240 for miscellaneous repairs to the truck.
Dec. 31 Recorded depreciation on the truck for the year. The estimated useful life of the truck is 4 years, with a residual value of $2,000 for the truck.
Year 2
Jan. 6 Purchased a new truck for $6,000, paying cash.
Apr. 1 Sold the used truck purchased on Jan. 4 of Year 1 for $3,900. (Record depreciation to date in Year 2 for the truck.)
June 11 Paid garage $290 for miscellaneous repairs to the truck.
Dec. 31 Record depreciation for the new truck. It has an estimated residual value of $1,100 and an estimated life of 5 years.
Year 3
July 1 Purchased a new truck for $91,000, paying cash.
Oct. 2 Sold the truck purchased January 6, Year 2, for $2,320. (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 $16,400 and an estimated useful life of eight years.
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The following transactions and adjusting entries were completed by Legacy Furniture Co. during a thr...
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