Question 7 A truck cost $60,000 when purchased and has a $55,000 balance in the accumulated depreciation account. If the truck is discarded we will record: O credit to loss on disposal, $60,000 O credit to accumulated depreciation, $60,000; and credit to loss on disposal, $5,000 O debit to truck. $60,000 O debit to accumulated depreciation, $55,000, and debit to loss on disposal, 55,000 Question 8 A truck cost $60,000 when purchased and has a $50,000 balance in the accumulated depreciation account. If the truck is sold for $15.000 cash we will record: O gain on disposal, $5,000 loss on disposal, $5,000 O no gain or loss O no entry required