A truck that cost $42,000 and on which $35,000 of accumulated depreciation has been recorded was disposed of for $10,500 cash.The entry to record this event would include a
A) gain of $3,500.
B) loss of $3,500.
C) credit to the Truck account for $7,000.
D) credit to Accumulated Depreciation for $35,000.
Correct Answer:
Verified
Q151: Orr Corporation sold equipment for $12,000. The
Q154: A truck that cost $21,000 and on
Q182: Natural resources are
A) depreciated using the units-of-activity
Q193: On July 4, 2011, Wyoming Mining Company
Q194: Accumulated Depletion
A) is used by all companies
Q199: In computing depletion, residual value is
A) always
Q199: On January 1, 2011, Cooper Tree Company
Q200: Powell's Courier Service recorded a loss of
Q202: Goodwill
A)Represents things of value associated with a
Q203: In recording the acquisition cost of an
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents