Question
The truck was purchased on January 1, 2018 for $100,000 and is depreciated using the double-declining balance method. The truck has a salvage value of
The truck was purchased on January 1, 2018 for $100,000 and is depreciated using the double-declining balance method. The truck has a salvage value of $10,000 and an estimated useful life of five years. On December 31, sold truck for $30,000 cash. Hint: Two years (2018 and 2019) of depreciation expense have been recorded and the total depreciation for the two-year period is in accumulated depreciation immediately before the sale of the truck.
Please let me know what the debit and credit amounts and account titles would be on the general ledger.
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