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QUESTION:7 A trucking company sold its fleet of trucks for $55,700. The trucks originally cost $1,441,000 and had accumulated depreciation of $1,276,000 recorded through the date of disposal. What gain or loss did the trucking company record when it sold the fleet of trucks?

QUESTION:7 A trucking company sold its fleet of trucks for $55,700. The trucks originally cost $1,441,000 and had accumulated depreciation of $1,276,000 recorded through the date of disposal. What gain or loss did the trucking company record when it sold the fleet of trucks?

FINANCIAL ACCOUNTING
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:7 A trucking company sold its fleet of trucks for $55,700. The trucks originally cost $1,441,000 and had accumulated depreciation of $1,276,000 recorded through the date of disposal. What gain or loss did the trucking company record when it sold the fleet of trucks?
Transcribed Image Text:QUESTION:7 A trucking company sold its fleet of trucks for $55,700. The trucks originally cost $1,441,000 and had accumulated depreciation of $1,276,000 recorded through the date of disposal. What gain or loss did the trucking company record when it sold the fleet of trucks?
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