Cookie Monster Co. purchased a truck costing $48,000 on January 1, 2014. The truck had an estimated useful life of 8 years and no salvage value. Cookie Monster Co. uses the straight-line depreciation method.

REQUIRED:

Give the general journal entry required to record the disposal of the truck in each of the following cases.

Case 1: The truck is retired and discarded at the end of 8 years

Case 2: The truck is retired and discarded at the end of 6 years

Case 3: The truck is sold for $5,200 cash at the end of 7 ears

Case 4: The truck is sold for #35,400 cash on July 1 of year 3

Case 5: At the end of year 5 , the truck is exchanged for a new truck. On the date of the exchange, the old truck had a fair market value of $15,100 and Cookie Monster Company also paid $39,900 cash in the exchange, which has commercial substance.

Case 6: At the end of year 5, the truck is exchanged for a new truck. On the date of the exchange, the old truck had a fair market value of $19,700 and Cookie Monster Company also paid $35,300 in the exchange, which has commercial substance.