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Calculate the gain or loss on disposal

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Question - On July 1, 2020, Molly's Greenhouse purchased a new delivery truck for $130,000. She paid a $20,000 cash and signed a promissory note for the remainder. Molly estimates that the delivery truck will have a five-year useful life, or 200,000 kilometres and a residual value of $10,000. Molly's Greenhouse has a December 31 year end.

Calculate the gain or loss on disposal for the following three independent situations:

Molly sold the truck for $48,300 on January 1, 2024. By using straight-line method the carrying amount is $46,000.

Molly sold the truck for $41,250 on January 1, 2024. By using straight-line method the carrying amount is $46,000.

Molly sold the truck for $32,600 on July 1, 2024. Molly used the straight-line method.

Molly sold the truck for $32,600 on July 1, 2024.

Using straight line method, prepare the journal entries for the above situation.

Reference no: EM133159267

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