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On December 15, 2020, a company sold a fully depreciated truck that had a cost of $100,000. It received cash of $20,000 and made the

On December 15, 2020, a company sold a fully depreciated truck that had a cost of $100,000. It received cash of $20,000 and made the following entry.

Cash 20,000

Trucks 20,000

Assuming closing entries for 2020 have not been, the entry needed to correct the company's books would include

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A credit to Gain on Sale of Truck for $20,000

A credit to Trucks for $100,000

A credit to Accumulated Depreciation for $100,000

A debit to cash for $20,000

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