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Graham Company sold a truck for $15,000. The truck cost $40,000. The estimated salvage value was $10,000. Accumulated depreciation up to the date of sale

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Graham Company sold a truck for $15,000. The truck cost $40,000. The estimated salvage value was $10,000. Accumulated depreciation up to the date of sale was $30,000. The entry to record the disposal would include all of the following except: A credit to Truck for $40,000 A credit to gain on disposal of 55,000 A debit to loss on disposal of $5,000 A debit to cash of $15,000 A debit to Accumulated depreciation of $30,000

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