Perfect Auto Rentals sold one of its cars on January 1, 2019. Perfect had acquired the car
Question:
Required:
1. Prepare the journal entry to record the sale of the car assuming the car sold for
(a) $9,800 cash,
(b) $7,500 cash, and
(c) $11,500 cash.
2. How should the gain or loss on the disposition (if any) be reported on the income statement?
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