1. A truck cost $60,000 when purchased and has a $60,000 balance in the accumulated...
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Accounting
1. A truck cost $60,000 when purchased and has a $60,000 balance in the accumulated depreciation account. If the truck is discarded, we will record:
a. credit to accumulated depreciation, $60,000
b. debit to accumulated depreciation, $60,000
c. debit to truck, $60,000
d. loss on disposal, $60,000
2. A truck cost $60,000 when purchased and has a $50,000 balance in accumulated depreciation account. If the truck is sold for $5,000 cash, we will record:
a. no entry required
b. loss on disposal, $5,000
c. no gain or loss
d. gain on disposal $5,000
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