Prepare the necessary journal entries on April 1, 2019 to record:

1.	Depreciation expense of the delivery truck for 2019
2.	The sale of the truck, assuming it sold for $12,000

General Journal Instructions

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To account for the disposal of property, plant, and equipment, the company first records the depreciation up to the date of the disposal. It then removes the cost of the asset and the related amount of accumulated depreciation from the respective accounts. A company recognizes a gain or a loss on the disposal for the difference between the book value of the asset (cost minus accumulated depreciation) and the consideration received.

1b. Prepare the necessary journal entries on April 1, 2019 to record:

1.	Depreciation expense of the delivery truck for 2019
2.	The sale of the truck, assuming it sold for $9,000

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To account for the disposal of property, plant, and equipment, the company first records the depreciation up to the date of the disposal. It then removes the cost of the asset and the related amount of accumulated depreciation from the respective accounts. A company recognizes a gain or a loss on the disposal for the difference between the book value of the asset (cost minus accumulated depreciation) and the consideration received.

3. Assume that Swann uses IFRS and sold the truck for $12,000. In addition, Swann had previously recorded a revaluation surplus related to this machine of $4,000.

1.	Depreciation expense of the delivery truck for 2019
2.	The sale of the truck, assuming it sold for $12,000
3.	Other adjustments related to removing the delivery truck from the books

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