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Explain the effects of the disposal of an asset

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Reference no: EM13492367

Recording the disposal of an asset three different sale prices

Federal express is the world's leading express-distribution company. In addition to the world's largest fleet of all-cargo aircraft, the company has more than 669 aircraft and 53,000 vehicles and trailers that pick up and deliver packages. Assume that Federal Express sold a small delivery truck that had been used in the business for three years. The record of the company reflected the following:

                                        Delivery truck cost                       $28,000

                                        Accumulated depreciation         $23,000

Required:

1. Give the journal entry for the disposal of the truck, assuming that the truck sold for

a.       $5,000

b.      $5,600

c.       $4,600     

2. Based on the three preceding situations, explain the effects of the disposal of an asset.

Reference no: EM13492367

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