On September 1,2013,Algernon Company sold a truck for $15,000 cash.The truck was originally purchased for $40,000,had an estimated salvage value of $4,000 and an estimated life of 6 years.Algernon had recorded depreciation of $30,000 through the end of 2012 using the straight-line method.
First,Algernon had to update the depreciation prior to sale.Then Algernon recorded the sale transaction.Please provide the journal entry to record the sale.
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Question

On September 1,2013,Algernon Company sold a truck for $15,000 cash.The truck was originally purchased for $40,000,had an estimated salvage value of $4,000 and an estimated life of 6 years.Algernon had recorded depreciation of $30,000 through the end of 2012 using the straight-line method.
First,Algernon had to update the depreciation prior to sale.Then Algernon recorded the sale transaction.Please provide the journal entry to record the sale.
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\hline \quad\quad& \quad&\quad \
\hline & & \\hline & & \\hline & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of On September 1,2013,Algernon Company sold a truck for $15,000 cash.The truck was originally purchased for $40,000,had an estimated salvage value of $4,000 and an estimated life of 6 years.Algernon had recorded depreciation of $30,000 through the end of 2012 using the straight-line method.
First,Algernon had to update the depreciation prior to sale.Then Algernon recorded the sale transaction.Please provide the journal entry to record the sale.
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