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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 $5,000

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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 $5,000 cash we will record: O gain on disposal, $5,000 O loss on disposal, $5,000 O no gain or loss O no entry required

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