Question

can you please help fix what is in red. instructions are in first two pictures, things that need fixing in the others.

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. Nov. 2. Purchased a used delivery truck for $26,000 paying cash. 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. Year 2 Jan 6. Purchased a new truck for $60,000 paying cash. Apr. 1 Sold the used truck for $14,000 (Record depreciation to date in Year 2 for the truck.) lune 11 Pair narane San for miscellaneous renaire to the truck

Answer 1

Date	Description	Debit	Credit
Year1
Jan.4	Delivery Truck	$26,000.00
	Cash		$26,000.00
Nov. 2	Truck Repair & Maintenance Expenses	$825.00
	Cash		$825.00
Dec.31	Depreciation Expense-Delivery Truck {(1 / 4) *2 } * $26,000	$13,000.00
	Accumulated Depreciation-Delivery Truck		$13,000.00
Year2
Jan.6	Delivery truck	$60,000.00
	Cash		$60,000.00
Apr.1	Depreciation Expense-Delivery Truck {(1 / 4) *2 } * $13,000] *3 /12	$1,625.00
	Accumulated Depreciation-Delivery Truck		$1,625.00
Apr.1	Cash	$14,000.00
	Accumulated Depreciation-Delivery Truck	$14,625.00
	Delivery Truck		$26,000.00
	Gain on Sale of Delivery Truck ($14,000 + $14,625 - $26,000)		$2,625.00
Jun.11	Truck Repair & Maintenance Expenses	$280.00
	Cash		$280.00
Dec.31	Depreciation Expense-Delivery Truck {(1 / 5) *2 } * $60,000	$24,000.00
	Accumulated Depreciation-Delivery Truck		$24,000.00
Year3
Jul.1	Delivery truck	$65,000.00
	Cash		$65,000.00
Oct.2	Depreciation Expense-Delivery Truck {(1 / 5) *2 } * $36,000] *6 /12	$7,200.00
	Accumulated Depreciation-Delivery Truck		$7,200.00
Oct.2	Cash	$19,520.00
	Accumulated Depreciation-Delivery Truck	$31,200.00
	Loss On sale of Delivery truck	$9,280.00
	Delivery Truck		$60,000.00
Dec.31	Depreciation Expense-Delivery Truck {(1 / 8) *2 } * $65,000 * 6 / 12	$8,125.00
	Accumulated Depreciation-Delivery Truck		$8,125.00

Workings:
Delivery Truck 1
	Cost	Rate of Dep	Dep
Year1	$26,000.00	0.5	$13,000.00	Whole Year
		(1/4) * 2	(1/4) * 2 * $26,000
Year2	$13,000.00	0.5	$1,625.00	For three months ($13,000 * 50% * 3 / 12)
		(1/4) * 2	(1/4) * 2 * $13,000 * 3/12
Delivery Truck 2
	Cost	Rate of Dep	Dep
Year1	$60,000.00	0.4	$24,000.00	Whole Year
		(1/5) * 2	(1/5) * 2 * $60,000
Year2	$36,000.00	0.4	$7,200.00	For three months ($36,000 * 40% * 6 / 12)
		(1/5) * 2	(1/5) * 2 * $36,000 * 6/12
Delivery Truck 3
	Cost	Rate of Dep	Dep
Year1	$65,000.00	0.25	$16,250.00	Whole Year
		(1/8) * 2	(1/8) * 2 * $65,000
Year2	$48,750.00