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Prepare journal entries to record the disposal

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Reference no: EM133052155

Question - A truck that cost $40,000 and on which $30,000 of accumulated depreciation had been recorded was disposed of on January 1, the first day of the New Year.  Prepare journal entries to record the disposal under each of the following assumptions:

a. It was discarded as having no value.

b. It was sold for $7,200 cash.

c. It was sold for $10,000 cash.

d. It was sold for $12,500 cash.

Reference no: EM133052155

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