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Jurassic Park, Inc. owns a fleet of Ford Explorers that cost $900,000 with Accumulated Depreciation of $380,000. After the park closed due to safety concerns

Jurassic Park, Inc. owns a fleet of Ford Explorers that cost $900,000 with Accumulated Depreciation of $380,000. After the park closed due to safety concerns and a loose T-Rex, the fair value of the fleet of trucks was determined to be $400,000. Tasks: Record the adjusting journal entry, if any is required. Determine the new book value of the fleet of trucks after park closure

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