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Write a journal entry to record the disposal of truck

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Question - Fred's Freighthauling Pty Ltd has a small fleet of delivery trucks. Each one is depreciated on the reducing balance method (rate 20%). Truck 4 was purchased on the 1st July 2011 for $96000. Residual value was estimated at $16000 and useful life 10 years. It was sold on 31st March, 2015 for $40000. The company's financial year end on 30th June each year.

1. Write a journal entry to record the disposal of Truck 4.

2. What was the total depreciation on Truck 4 to the date of its disposal?

Reference no: EM132083870

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