Disposing of Depreciable Assets at a Gain or a Loss Bill's Towing purchased a...
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Accounting
Disposing of Depreciable Assets at a Gain or a Loss
Bill's Towing purchased a new tow truck on April for $ cash. The company expects to keep the tow truck for years, after which time it plans to sell the truck for $ The company's accountant wishes to use straightline depreciation. Bill's Towing has a fiscal year end of December On October Bill sells the truck for $ cash.
Required:
a Record all relevant entries for the truck.
b Assume that instead of $ Bill had received $ for the truck rerecord the sale journal enry given this new sale price
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