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Mr. Tire purchased a delivery truck on January 1, 2017, costing $55,000, with an estimated residual value of $6,000 and an estimated useful life of
Mr. Tire purchased a delivery truck on January 1, 2017, costing $55,000, with an estimated residual value of $6,000 and an estimated useful life of 5 years. Suppose Mr. Tire sold the truck on December 31, 2019, for $34,500 cash, after using the truck for three full years. Amortization for 2019 has already been recorded. Make the journal entry to record Mr. Tire's sale of the truck under straight-line amortization 3. (Do not round intermediary calculations. Only round your answers to the nearest dollar. Record debits first, then credits. Exclude explanations from journal entries.) General Journal Date Accounts Debit Credit Dec 31, 2019
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