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Help! I cannot figure out the loss of disposal of PPE on journal entry two E9-11 (Algo) Demonstrating the Effect of Book Value on Reporting
Help! I cannot figure out the loss of disposal of PPE on journal entry two
E9-11 (Algo) Demonstrating the Effect of Book Value on Reporting an Asset Disposal [LO 9-5] [The following information applies to the questions displayed below.] Nomad Industries is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Nomad sold a delivery truck for $25,000. Nomad had originally purchased the vehicle and recorded it in the Truck account for $41,000 and had recorded depreciation for three years. E9-11 (Algo) Part 4 Prepare the journal entry to record the disposal of the truck, assuming Accumulated Depreciation--Truck was (a) $16,000, (b) $12,000, and (c) $18,000. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)Step by Step Solution
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