Question

Overland Trucking Company has decided to sell an old truck that cost $30,000 and which has...

Overland Trucking Company has decided to sell an old truck that cost $30,000 and which has accumulated depreciation of $15,000.

a. What entry would the company make to record the sale of the truck for $16,000 cash?

b. What entry would the company make to record the sale of the truck for $10,000.

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