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Prepare the journal entry to record the disposal of truck

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MoveIt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that MoveIt sold a delivery truck for $17,000. MoveIt had originally purchased the truck for $29,000 and had recorded depreciation for three years.

Problem 1: Prepare the journal entry to record the disposal of the truck

 

Reference no: EM132677981

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