A truck costing $75,000 and on which $65,000 of accumulated depreciation has been re-corded was discarded as having no value.The entry to record this event would include a
A)gain of $10,000.
B)loss of $10,000.
C)credit to Accumulated Depreciation for $65,000.
D)credit to Accumulated Depreciation for $75,000.

Question

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The truck's book value is $10,000 ($75,000 cost - $65,000 accumulated depreciation). Discarding it with no value results in a $10,000 loss.

A Truck Costing $75,000 and on Which $65,000 of Accumulated