Answered: 2. Mini Computers purchased a delivery…

2. Mini Computers purchased a delivery truck 4 years ago for $40,000. Currently the accumulated depreciation on the truck is $24,000. Prepare journal entries to show the sale of the truck assuming:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

2. Mini Computers purchased a delivery truck 4 years ago for $40,000. Currently the
accumulated depreciation on the truck is $24,000. Prepare journal entries to show the sale of
the truck assuming:
1) The truck is sold for $18,000.
2) The truck is sold for $14,000.
3) The truck is scrapped.

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