ABC Company had the following asset on its books. Assume depreciation is recorded to date.

Match the journal entries for each of the following situations.

Truck 20,000

Accumulated depreciation 15,000

Book Value 5,000

Question 10 options:

1234

Cash		5,000
A/D		15,000
	Truck		20,000

1234

Cash		7,000
A/D		15,000
	Gain		2000
	Truck		20,000

1234

A/D		15,000
Loss		5,000
	Truck		20,000

1234

Cash		3,000
A/D		15,000
Loss		2,000
	Truck		20,000

1.	The asset was scrapped with no proceeds.
2.	The asset was sold for $7,000 cash.
3.	The asset was sold for $3,000 cash.
4.	The asset was sold for $5,000 cash.