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 Jan. Purchased a used delivery truck for $48,600, paying cash. Mar. Paid garage $120 for changing the oil, replacing the oil filter, and tuning the engine on the delivery 7. truck Dec. Recorded depreciation on the truck for the fiscal year. The estimated useful life of the truck is 9 31. years, with a residual value of $10,200 for the truck. Year Jan Purchased a new truck for $S5,860, paying cash Feb. Paid garage $280 to tune the engine and make other minor repairs on the used truck. 28. Apr 30. Dec. Record depreciation for the new truck. It has an estimated trade-in value of $10,100 and an Sold the used truck for $33,600. (Record depreciation to date in Year 2 for the truck.) 31. estimated life of 7 years. Year Sept. Purchased a new truck for $87,000, paying cash. Sept. Sold the truck purchased January 9, Year 2, for $34,000.(Recd depreciation to date in Year 3 for 4. the truck.) Dec. Recorded depreciation on the remaining truck. It has an estimated residual value of $15,700 and an 31. estimated useful life of 10 years