Question
A truck costing$56,000 has accumulated depreciation of$50,000. The truck is scrapped for$0. The journal entry to record this transaction isto: A. debit Accumulated Depreciation minus
A truck costing$56,000 has accumulated depreciation of$50,000. The truck is scrapped for$0. The journal entry to record this transaction isto:
A. debit Accumulated Depreciation minus Truck for$50,000, and credit Truck for$50,000. B. debit Truck for$56,000, credit Accumulated Depreciation minus Truck for$50,000 and credit Gain on Disposal for$6,000. C. debit Truck for$50,000, debit Loss on Disposal for$6,000 and credit Accumulated Depreciation minus Truck for$56,000. D. debit Accumulated Depreciation minus Truck for$50,000, debit Loss on Disposal$6,000, and credit Truck for$56,000.
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