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The following transactions, adjusting entries, and closing entries were completed by King 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.
2012
Jan. 4.
Purchased a used delivery truck for $29,400, paying cash.
Feb. 24.
Paid garage $180 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 $6,200 for the truck.
2013
Jan. 3.
Purchased a new truck for $53,460, paying cash.
Mar. 7.
Paid garage $440 to tune the engine and make other minor repairs on the used truck.
Apr. 30.
Sold the used truck for $18,150. (Record depreciation to date in 2013 for the truck.)
Record depreciation for the new truck. It has an estimated trade-in value of $9,600 and an estimated life of 9 years.
2014
July 1.
Purchased a new truck for $89,000, paying cash.
Oct. 7.
Sold the truck purchased January 3, 2013, for $36,250. (Record depreciation to date in 2014 for the truck.)
Recorded depreciation on the remaining truck. It has an estimated residual value of $16,000 and an estimated
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