Disposal of Property, Plant, and Equipment

Bell Company sold a delivery truck on April 1, 2013. Swann had acquired the truck on January 1, 2009, for $28,700. At acquisition, Bell had estimated that the truck would have an estimated life of 5 years and a residual value of $5,200. At December 31, 2012, the truck had a book value of $9,900. Bell uses the straight-line method.

1a. Prepare any necessary journal entries to record the sale of the truck, assuming it sold for $10,575: For compound entries, if an amount box does not require an entry, leave it blank or enter "0".

Depreciation	Depreciation Expense	$?????
	Accumulated Depreciation		$?????
Sale	Cash	$?????	0
	Accumulated Depreciation	$?????	0
	Truck	0	$?????
	Gain on disposal of property, plan, and equipment	0	$?????

1b. Prepare any necessary journal entries to record the sale of the truck, assuming it sold for $7,325: For compound entries, if an amount box does not require an entry, leave it blank or enter "0".

Depreciation	Depreciation Expense	$?????
	Accumulated Depreciation		$?????
Sale	Cash	$?????	0
	Accumulated Depreciation	$?????	0
	Loss on disposal of property, plan, and equipment	$?????	0
	Truck	0	$?????

2. Assume that Bell uses IFRS and sold the truck for $10,575. In addition, Bell had previously recorded a revaluation surplus related to this machine of $3,900. What journal entries are required to record the sale? For compound entries, if an amount box does not require an entry, leave it blank or enter "0".

April 1	Depreciation Expense	$?????
	Accumulated Depreciation		$?????
April 1	Cash	$?????	0
	Accumulated Depreciation	$?????	0
	Truck	0	$?????
	Gain on disposal of property, plan, and equipment	0	$?????
April 1	Revaluation Surplus	$?????
	Retained Earnings		$?????