Boalsburg Co.purchased a truck on January 1, 2014, for $30,000.The truck had an estimated life of 5 years and an estimated residual value of $5,000.Lightning Delivery used the straight-line method to depreciate the asset.On July 1, 2016, the truck was sold for $17,000 cash.The journal entry to record the sale of the truck in 2016?
A) increases net income
B) increases total assets
C) decreases total expenses
D) decreases stockholders' equity
Correct Answer:
Verified
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