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Prepare the journal entry to record the disposal of truck

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Question - OnTime Packaging 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 OnTime sold a delivery truck for $11,000. OnTime had originally purchased the vehicle and recorded it in the Truck account for $18,000 and had recorded depreciation for three years.

Required - Prepare the journal entry to record the disposal of the truck, assuming Accumulated Depreciation--Truck was (a) $7,000, (b) $4,000, and (c) $12,000. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Reference no: EM133165364

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