Overland Trucking has an old truck that cost $30,000, and it has accumulated deprecia- tion of...

Overland Trucking has an old truck that cost $30,000, and it has accumulated deprecia- tion of $16,000 on this truck. Overland has decided to sell the truck. (a) What entry would Overland Trucking make to record the sale of the truck for $17,000 cash? (b) What entry would Overland Trucking make to record the sale of the truck for $10,000 cash?

Expert Solution

Cash	17,000
Accumulates Depreciation - Truck	16,000
Truck		30,000
Gain on Disposel of Truck		3,000


Cash	10,000
Loss on Disposel of Truck	4,000
Accumulates Depreciation - Truck	16,000
Truck		30,000

ekkarill92 answered 2 years ago

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