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OOK MI Passor eBook Show Me How Quiet Calculator Amato Exercise 7-58 (Algorithmic) Disposal of Fixed Asset Perfect Auto Rentals sold one of its cars on January 1, 2019. Perfect had acquired the car on January 1, 2017, for $13,500. At iton Perfect sumed that the would have an estimated life of 3 years and a residual value of $3,000. Assume that perfect has recorded straight-line depreciation expense for 2017 and 2018 Required: Prepare the journal entry to record the sale of the car assuming the car sold for (a) $6,500 cash, (b) 54,000 cash, and (c) 87,300 can. The company recorded the cars equipment. If no entry is required, leave the answer boxes blank Cash a. Accumulated Depreciation Equipment Record sale of car U 1111 100 III 1110 b Cash Accumulated Depreciation Loss on Disposal of Property, Plant, and Equipment Equipment Record sale of car b Cash Accumulated Depreciation Loss on Disposal of Property, Plant, and Equipment Equipment Record sale of car 1111 III 1000 1100 C. Cash Accumulated Depreciation Gain on Disposal of Property, Plant, and Equipment Equipment Record sale of car Feedback Check My Work First, obtain the book value (cost less accumulated depreciation) by depreciating the asset up to the date of disposal. Next, the book value at the date of dispa and any related gain or loss (the difference between the cash proceeds and the book value) should be recognized. Check My Work Save and Exit