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I'm lost on this one. my journal entry looked something like: Cash 23000 AD- Truck 42500 Loss on Sale of Truck 11500 Sale of Asset

I'm lost on this one. my journal entry looked something like:

Cash 23000
AD- Truck 42500
Loss on Sale of Truck 11500
Sale of Asset 77000

image text in transcribed

Superman Inc. sold an old truck on April 1, 2015, for $23,000 cash. The following data were available when the truck sold: Acquisition cost on 1/1/2010,$77,000 Estimated residual value at time of acquisition, $7,000 Estimated useful life, 7 years Straight-line depreciation method Superman should record a [a] of $[b] on the sale of the truck. Use the following abbreviations for the first blank: G for gain L for loss Indicate the dollar amount for the second blank. Do not use the $ sign or a decimal in your answer. Commas are ok

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