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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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.

On September 1, 2013, Algernon Company Sold a Truck for $15,000