Answer this general accounting problem fast A truck cost $78,650 when purchased and has a$69,120 balance in the accumulated depreciationaccount. If the truck is discarded we will record:(1) loss on disposal, $9,530.(2) gain on disposal, $5,000.(3) no gain or loss because it was discarded.(4) loss of $60,000.

Explanation: The journal entry to record the disposal is made by debiting the accumulated…

Answered: A truck cost $78,650 when purchased and…

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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A truck costing $114000 was destroyed when its engine caught fire. At the date of the fire, the accumulated depreciation on the truck was $55000. An insurance check for $129000 was received based on the replacement cost of the truck. The entry to record the insurance proceeds and the disposition of the truck will include a O credit to the Truck account of $59000. ○ credit to the Accumulated Depreciation account for $55000. ○ Gain on Disposal of $70000. ○ Gain on Disposal of $15000. eTextbook and Media

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A truck cost $78,650 when purchased and has a $69,120 balance in the accumulated depreciation account. If the truck is discarded we will record: (1) loss on disposal, $9,530. (2) gain on disposal, $5,000. (3) no gain or loss because it was discarded. (4) loss of $60,000.