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LUTET ATTEMPT in Progress Pharoah Corporation would like to purchase a new truck, but the dealer will not accept Pharoah's old truck as a trade-in
LUTET ATTEMPT in Progress Pharoah Corporation would like to purchase a new truck, but the dealer will not accept Pharoah's old truck as a trade-in on purchase. Pharoah looked up the value of its old truck on Auto Trader and found that it had a fair value of $15,000. After recording depreciation on the old truck to the date of sale, Pharoah sold its used truck for $16,630 cash. The carrying amount of the old truck is $18,010 and it was originally purchased for $40,300 Prepare the appropriate journal entry for the disposal of the truck. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. I no entry is moquired, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit
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