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A truck that cost $36,000 and on which $30,000 of accumulated depreciation has been recorded was disposed of for $5,000 cash. the entry to record this event includes a

A truck that cost $36,000 and on which $30,000 of accumulated depreciation has been recorded was disposed of for $5,000 cash. the entry to record this event includes a
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A truck that cost $36,000 and on which $30,000 of accumulated depreciation has been recorded was disposed of for $5,000 cash. the entry to record this event includes a

asked
User Sanford
by
7.9k points

1 Answer

2 votes
Hi there
First find the book value of the truck
Book value=
Cost-accumulated depreciation
36,000−30,000
=6,000

disposed of for $5,000 cash
Book value 6000
So the answer is
Loss of 1000 (5000-6000)

Good luck!
answered
User Margaret Bloom
by
9.0k points
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