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When a company sells a truck at a price higher than its book value, this transaction would be recorded with the following entry: O debit
When a company sells a truck at a price higher than its book value, this transaction would be recorded with the following entry: O debit Cash; debit Accumulated Depreciation; debit Loss on Sale; credit Truck O debit Cash; debit Accumulated Depreciation; credit Truck, credit Gain on Sale O debit Accumulated Depreciation; debit Loss on Sale; credit Truck O debit Truck; debit Depreciation expense; credit Accumulated Depreciation
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