The following transactions and adjusting entries were completed by Legacy Furniture Co. during a 3-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 $29,200, paying cash. Nov. 2. Paid garage $650 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 $4,505 for the truck. Year 2   Jan. 6. Purchased a new truck for $49,900, paying cash. Apr. 1. Sold the used truck for $15,710. (Record depreciation to date in Year 2 for the truck.) June 11. Paid garage $495 for miscellaneous repairs to the truck. Dec. 31. Record depreciation for the new truck. It has an estimated residual value of $8,790 and an estimated life of 5 years. Year 3   July 1. Purchased a new truck for $55,320, paying cash. Oct. 2. Sold the truck purchased January 6, Year 2, for $17,708. (Record depreciation to date for Year 3 for the truck.) Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $11,715 and an estimated useful life of 8 years.     Required:   Journalize the transactions and the adjusting entries.

Blue Co. purchased equipment on October 4, 20X1 at a cost of $63,000. The equipment has an estimated useful life of 4 years and an estimated salvage value of $3,000. Blue Co. uses the straight-line depreciation method. Blue Co.’s fiscal year-end is December 31. Assuming Blue Co. uses the half-year convention, what was the accumulated depreciation as of December 31, 20X2? (Round all results to the nearest whole dollar.)   a. $30,000   b. $22,500   c. $15,000   d. $7,500

Equipment acquired on January 8 at a cost of $150,800, has an estimated useful life of 15 years, has an estimated residual value of $8,900, and is depreciated by the straight-line method. a.  What was the book value of the equipment at December 31 the end of the fourth year? - Assuming that the equipment was sold on April 1 of the fifth year for 105,335. 1.  Journalize the entry to record depreciation for the three months until the sale date. Round your answers to the nerest whole dollar if required. 2.  Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations.

Equipment was acquired at the beginning of the year at a cost of $78,840. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,860. a.  What was the depreciation expense for the first year?$fill in the blank 4b6aeefb5057020_1 b.  Assuming the equipment was sold at the end of the second year for $59,600, determine the gain or loss on sale of the equipment.$fill in the blank 4b6aeefb5057020_2       c.  Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank or enter "0".     - Select - - Select -     - Select - - Select -     - Select - - Select -     - Select - - Select -

Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $18,000. The carpet is estimated to have a 15-year useful life and no residual value.a. Prepare the journal entry necessary for recording the purchase of the new carpet.b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek Company uses the straight-line method.

Transactions for Fixed Assets, Including Sale The following transactions and adjusting entries were completed by Robinson 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. 8. Purchased a used delivery truck for $47,040, paying cash. Mar. 7. Paid garage $240 for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck. Dec. 31. Recorded depreciation on the truck for the fiscal year. The estimated useful life of the truck is 7 years, with a residual value of $9,900 for the truck. Year 2   Jan. 9. Purchased a new truck for $87,480, paying cash. Feb. 28. Paid garage $240 to tune the engine and make other minor repairs on the used truck. Apr. 30. Sold the used truck for $29,050. (Record depreciation to date in Year 2 for the truck.) Dec. 31. Record depreciation for the new truck. It has an estimated trade-in value of $15,700…

Transactions for fixed assets, including sale depreciation is used. Year 1 January 8. Purchased a used delivery truck for $61, 440, paying cash. March 7. Paid garage $180 for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck. December 31. Recorded depreciation on the truck for the fiscal year. The estimated useful life of the truck is 8 years, with a residual value of $12,900 for the truck. Year 2 January 9. Purchased a new truck for $70, 560, paying cash. February 28. Paid garage $260 to tune the engine and make other minor repairs on the used truck. April 30. Sold the used truck for $40, 440. (Record depreciation to date in Year 2 for the truck.) December 31. Record depreciation for the new truck. It has an estimated residual value of $12,700 and an estimated life of 7 years. Year 3 September 1. Purchased a new truck for $93, 000, paying cash. September 4. Sold the truck purchased January 9, Year 2, for $42,900. (Record depreciation to date for…

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Equipment acquired on January 8 at a cost of $142,430 has an estimated useful life of 16 years, has an estimated residual value of $7,550, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fifth year? b. Assuming that the equipment was sold on April 1 of the sixth year for $93,142, journalize the entries to record (1) depreciation for the 3 months until the sale date and (2) the sale of the equipment.

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 $27,200, paying cash. Nov. 2. Paid garage $630 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 $5,005 for the truck. Year 2   Jan. 6. Purchased a new truck for $49,250, paying cash. Apr. 1. Sold the used truck for $14,670. (Record depreciation to date in Year 2 for the truck.) June 11. Paid garage $450 for miscellaneous repairs to the truck. Dec. 31. Record depreciation for the new truck. It has an estimated residual value of $8,950 and an estimated life of five years. Year 3   July 1. Purchased a new truck for $53,920, paying cash. Oct. 2. Sold the truck…