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WeDeliver Incorporated is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that WeDeliver sold a delivery truck for $7,000. WeDeliver had originally purchased the vehicle and recorded it in the Truck account for $12,000 and had recorded depreciation for three years. 9-11 (Algo) Part 1 equired: Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation-Truck was (a) $5,000, (b) $2,000, and (c) $7,000. (Select "None" if there is no Gain or Loss.) Gain/Loss Amount

WeDeliver Incorporated is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that WeDeliver sold a delivery truck for $7,000. WeDeliver had originally purchased the vehicle and recorded it in the Truck account for $12,000 and had recorded depreciation for three years. 9-11 (Algo) Part 1 equired: Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation-Truck was (a) $5,000, (b) $2,000, and (c) $7,000. (Select "None" if there is no Gain or Loss.) Gain/Loss Amount

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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Required information E9-11 (Algo) Demonstrating the Effect of Book Value on Reporting an Asset Disposal (LO 9-5) [The following information applies to the questions displayed below. WeDeliver Incorporated is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that WeDeliver sold a delivery truck for $7,000. WeDeliver had originally purchased the vehicle and recorded it in the Truck account for $12,000 and had recorded depreciation for three years. E9-11 (Algo) Part 1 (a) (b) (c) Required: 1. Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation-Truck was (a) $5,000, (b) $2,000, and (c) $7,000. (Select "None" if there is no Gain or Loss.) Gain/Loss Amount
Transcribed Image Text:Required information E9-11 (Algo) Demonstrating the Effect of Book Value on Reporting an Asset Disposal (LO 9-5) [The following information applies to the questions displayed below. WeDeliver Incorporated is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that WeDeliver sold a delivery truck for $7,000. WeDeliver had originally purchased the vehicle and recorded it in the Truck account for $12,000 and had recorded depreciation for three years. E9-11 (Algo) Part 1 (a) (b) (c) Required: 1. Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation-Truck was (a) $5,000, (b) $2,000, and (c) $7,000. (Select "None" if there is no Gain or Loss.) Gain/Loss Amount
w M E9-11 (Algo) Part 2 2. Using the following structure, indicate the effects (accounts, amounts, and for increase and for decrease) of the disposal of the truck, assuming Accumulated Depreciation-Truck was (a) $5,000. (b) $2.000, and (c) $7,000 (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) (A) (8) (A) (b) (D) (b) (0) (c) 6 Assets • M Liabilities . Stockholders' Equity
Transcribed Image Text:w M E9-11 (Algo) Part 2 2. Using the following structure, indicate the effects (accounts, amounts, and for increase and for decrease) of the disposal of the truck, assuming Accumulated Depreciation-Truck was (a) $5,000. (b) $2.000, and (c) $7,000 (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) (A) (8) (A) (b) (D) (b) (0) (c) 6 Assets • M Liabilities . Stockholders' Equity
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