A truck costing $14,000 and on which $12,000 of accumulated depreciation has been recorded was disposed of for $3,000 cash. The entry to record this event would include a
A) loss on disposal of $1,000.
B) gain on disposal of $1,000.
C) credit to the Truck account for $3,000.
D) credit to Accumulated Depreciation for $12,000.

Question

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The Answer of A truck costing $14,000 and on which $12,000 of accumulated depreciation has been recorded was disposed of for $3,000 cash. The entry to record this event would include a
A) loss on disposal of $1,000.
B) gain on disposal of $1,000.
C) credit to the Truck account for $3,000.
D) credit to Accumulated Depreciation for $12,000.

A Truck Costing $14,000 and on Which $12,000 of Accumulated