VE on January 1, 2019. Perfect had acquired the car on deprecap tion was a poor idea." Comment on the president 3 assun Exercise 7-58 Disposal of Fixed Asset Perfect Auto Rentals sold one of its cars on January 1, 2019. Perfect had acquire January 1, 2017 for $23,400. At acquisition Perfect assumed that the car would have estimated life of 3 years and a residual value of $3.000. Assume that Perfect has recorded straight-line depreciation expense for 2017 and 2018. Required: 1. Prepare the journal entry to record the sale of the car assuming the car sold for (a) $9,800 cash, (b) $7,500 cash, and (c) $11,500 cash. 2 How should the gain or loss on the disposition (if any) be reported on the income statements ME HOW 21 2019