Question: please help, I keep getting it wrong Transactions for fixed assets, including sale The following transactions and adjusting entries were completed by Robinson rumiture co.


Transactions for fixed assets, including sale The following transactions and adjusting entries were completed by Robinson rumiture co. during a three year period, All are related ta the ise of delivery equipment. The doubledeclining-balance nethod of depreclation is used. Year 1 January 8 . Purchased a used delivery truck for $48,600, paying cash. March 7. Paid garage 5160 for changing the ol, replacing the oll filter, and tuning the engine on the delivery truck: December 31. Recorded depreciation on the truck for the fiscal vear. The estimated useful life of the truck is 9 vears, with a residual value of sto,200 for the truck Year 2 Jacuary 9. Purchased a new truck for $55,860, Daning cash. February 2 A. Pald garape $410 to tune the engine and make other minor repairs on the wied truck. April 30. Sold the used truck for $33,600, (Recond depreciation to date in Year 2 for the truch) December 31 . Record depreciation for the new truck, tt has an estimated residual value of $10,100 and an eitimated life of 7 vears. Year 3 September I. Purchased a new truck for $90,000, puring cash. September 4. Sold the truck purchaled January 9, Year 2, for \$34,000. (Record depreciabion to date for rear 3 for the trick) Required: answers to the nearest cent. February 28 April 30 Depreciation April 30 Sale December 31 Year 3, September 1 September 4 Sale Truck Repair and Maintenance Expense Cash Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck Accumulated Depreciation-Delivery Truck Cash Loss on Sale of Delivery Truck Delivery Truck Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck v Delivery Truck Cashv cash 34,000 September 4 Depreciation Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck September 4 Sale Cash Accumulated Depreciation-Delivery Truck Delivery Truck v Gain on Sale of Delivery Truck December 31 Depreciation Expense-Delivery Truck Accumulated Depreciation-Delivery Truck
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