A truck that cost $72,000 and on which $60,000 of accumulated depreciation had been recorded was sold for $18,000 cash.The entry to record this transaction would include a

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The gain on sale is calculated as the sale price ($18,000) minus the book value of the truck ($72,000 cost - $60,000 accumulated depreciation = $12,000), resulting in a gain of $6,000.

A Truck That Cost $72,000 and on Which $60,000 of Accumulated