Prepare the journal entry of selling the assets (make the entries of removing the assets form the company's books, receiving the cash, and the gain/loss associated with selling) 5. Cheng Company traded a used truck for cash $37,000. The truck cost $300,000 and has useful lifetime of 30 years, with zero residual value. The company decided to depreciate the asset using straight line method. The truck was purchased on Jan 1st 2020 and sold on June 30th 2022