E8-16 (Algo) Recording the Disposal of an Asset at Three Different Sale Prices L08-5 Fast Delivery is the world's largest express transportation company. In addition to the world's largest fleet of all-cargo aircraft, the company has more than 665 aircraft and 58,000 vehicles and trailers that pick up and deliver packages. Assume that Fast Delivery sold a delivery truck that had been used in the business for three years. The records of the company reflected the following: Delivery truck cost Accumulated depreciation $ 50,000 34,900 Required: 1. Prepare the journal entry for the disposal of the truck, assuming that the truck sold for: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. $15,100 cash b. $16,500 cash c. $14,300 cash Answer is not complete. No Transaction Debit Credit 1 a. General Journal Cash Accumulated depreciation Delivery truck 15,100 34,900 50,000 2 b. 16,500 34,900 Cash Accumulated depreciation Delivery truck Gain on sale of long-lived asset 50,000