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Make all the required entries to record the disposal

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Question - On November 1, 2020, Nevada sold, for $50,250 cash, a delivery truck purchased on September 1, 2018 for $76,000. The truck has a useful life of 5 years and a residual value of $16,000. The truck is being depreciated using the straight-line method. Depreciation for fiscal years 2018 and 2019 has been properly recorded in the company's books.

Make all the required entries to record the disposal of the truck in the books of Nevada Inc.

For each of the entries (two transactions), clearly identify the nature of the accounts being debited and credited (asset, liability, equity, expense, revenue). Justify your answers and provide details of all your calculations.

Reference no: EM133022227

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