Federal Express is the world's leading express-distribution company. In addition to the world's largest fleet of all-cargo
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Federal Express is the world's leading express-distribution company. In addition to the world's largest fleet of all-cargo aircraft, the company has more than 53,700 ground vehicles that pick up and deliver packages. Assume that Federal Express sold a small delivery truck that had been used in the business for three years. The records of the company reflected the following:
Required: 1. Give the journal entry for the disposal of the truck, assuming that
a. The sales price was $5,000.
b. The sales price was $5,600.
c. The sales price was $4,600. 2. Based on the three preceding situations, explain the effects of the disposal of the asset.
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