Question: PR 9-5A Transactions for fixed assets, including sale Obj. 1, 2, 3 The following transactions and adjusting entries were completed by Legacy Furniture Co.

The following transactions and adjusting entries were completed by Legacy Furniture Co.

PR 9-5A Transactions for fixed assets, including sale Obj. 1, 2, 3 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 $26,000, paying cash. Nov. 2. Paid garage $825 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 $2,000 for the truck.

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