Orlando Trucking has an old truck that cost $30,000 and has accumulated depreciation of $16,000. Assume two different situations: 1)The company sells the old truck for $15,000 cash. 2) The truck is worthless, so the company simply retires it. a) What entry should Overland use to record scenario 1? b) What entry should Overland use to record scenario 2?

Orlando Trucking has an old truck that cost $30,000 and has accumulated depreciation of $16,000. Assume two different situations: 1) The company sells the old truck for $15,000 cash. 2)The truck is worthless, so the company simply retires it. a) What entry should Overland use to record scenario 1 ? b) What entry should Overland use to record scenario 2