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Prepare the journal entry for the disposal of the truck

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Question - Fast Delivery is the world's largest express transportation company. In addition to the world's largest fleet of all-cargo aircraft, the company has more than 659 aircraft and 65,000 vehicles and trailers that pick up and deliver packages. Assume that Fast Delivery sold a delivery truck that had been used in the business for three years. The records of the company reflected the following:

Delivery truck cost: $52,000

Accumulated depreciation: 36,500

Required - Prepare the journal entry for the disposal of the truck, assuming that the truck sold for:

a. $15,500 cash

b. $16,500 cash

c. $14,100 cash

Reference no: EM132736085

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