1. A truck cost $60,000 when purchased and has a $55,000 balance in the accumulated depreciation account. If the truck is sold for $5,000 cash we will record:

Group of answer choices

gain on disposal, $5,000

loss on disposal, $5,000

no gain or loss

no entry required

2. Which of the following is not an intangible asset?

Group of answer choices

petroleum

goodwill

patent

trademark