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On July 1, 2020, Elite Company sells a delivery truck for $8,000 cash. The delivery...

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Accounting

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On July 1, 2020, Elite Company sells a delivery truck for $8,000 cash. The delivery truck originally cost $25,000 and as of January 1, 2020, had accumulated depreciation of $16,000. Depreciation for the first six months of 2020 is $2,000. Answer the following questions based on the given information: When you have a gain from the disposal of a plant asset, you should record it to which side of the journal entry? * O Credit Debit O Neither Debit nor Credit O Either Debit or Credit

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