Required informationE9-11 (Algo) Demonstrating the Effect of Book Value on Reporting an Asset Disposal [LO 9-5][The following information applies to the questions displayed below.]OnTime Packaging is the world's leading express-distribution company. In addition to its 643 aircraft, the company hasmore than 57,000 ground vehicles that pick up and deliver packages. Assume that OnTime sold a delivery truck for$22,000. OnTime had originally purchased the vehicle and recorded it in the Truck account for $37,000 and had recordeddepreciation for three years.E9-11 (Algo) Part 44. Prepare the journal entry to record the disposal of the truck, assuming Accumulated Depreciation--Truck was (a) $15,000, (b)$13,000, and (c) $21,000. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first accountfield.)NoTransactionGeneral Journal1CashTruckAccumulated Depreciation-TruckDebitCredit22,00037,00015,0002bCash22,000Accumulated Depreciation-TruckTruck13,00037,0003сCashAccumulated Depreciation-TruckTruck*Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.22,00021,00037,000

Step 1:Depreciation expense is the reduce in value of assets due to the use of assets.Book value of…

Answered: Required information E9-11 (Algo)…

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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