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Make the journal entries to record the sale of the truck

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Greg tune's purchased a truck on 1 July 2015 for $41 000. Greg's Tunes expected the truck to last for five years and to have a residual value of $1 000. Suppose Greg's Tunes sold the truck for $30 000 on 30 June 2017, after using the truck for two full years. Assume depreciation for 2016?-2017 has been recorded.

Problem 1: Make the journal entries to record the sale of the truck under? straight-line depreciation.

Problem 2: Make the journal entries to record the sale of the truck under? reducing-balance depreciation.

Reference no: EM132984604

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