4. On January 1, 2010, Comfort Realty, purchased a limo at an acquisition cost of $28,000. The vehicle has been depreciated by the stright0line method using a 4-year service life and a $4,000 salvage value. The companys fiscal year ends on December 31. prepare the journal entry or entries to record the disposal of the limousine assuming that it was: a. Retired and scrapped with no salvage value of January 1 2014 b. Sold for $5,000 on July 1, 2013 Action plan: at the time of disposal, determine the book value of the asset. Recognize any gain or loss from disposal of the asset. Remove the book value of assets from the records debiting accumulated depreciation for the total depreciation to the date of disposal and crediting the asset account for the cost of the asset