On April 1,2020,Sagan Realty disposed of an automobile that had cost $50,000 on January 1,2018.The automobile had a residual value of $8,000,and a useful life of 5 years.The accounting records showed accumulated depreciation for this asset of $16,800 at December 31,2019.The asset was discarded after an accident,and $11,500 was received from an insurance claim.Prepare the journal entry to record the disposal of the automobile.

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The Answer of On April 1,2020,Sagan Realty disposed of an automobile that had cost $50,000 on January 1,2018.The automobile had a residual value of $8,000,and a useful life of 5 years.The accounting records showed accumulated depreciation for this asset of $16,800 at December 31,2019.The asset was discarded after an accident,and $11,500 was received from an insurance claim.Prepare the journal entry to record the disposal of the automobile.

On April 1,2020,Sagan Realty Disposed of an Automobile That Had