Commonwealth Delivery is the world\'s leading express-distribution company. In a

Question

Commonwealth Delivery 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 659 aircraft and 52,000 vehicles and trailers that pick up and deliver packages. Assume that Commonwealth Delivery sold a delivery truck that had been used in the business for three years. The records of the company reflected the following Delivery truck cost S 41,000 26,200 Required: 1. Prepare the journal entry for the disposal of the truck, assuming that the truck sold for: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. $14,800 cash b. $17,100 cash c. $13,400 cash View transaction list view journal entry worksheet No Transaction General Journal Debit Credit a, Cash depreciation Delivery truck b. Cash lated depreciation Gain on sale of long-lived asset Delivery tuck Cash Accumulated depreciation Loss on sale of long-lived asset Delivery truck

Explanation / Answer

a Cash 14800 Accumulated depreciation 26200 Delivery truck 41000 b Cash 17100 Accumulated depreciation 26200 Gain on sale of long lived asset 2300 Delivery truck 41000 c Cash 13400 Accumulated depreciation 26200 Loss on sale of long lived asset 1400 Delivery truck 41000

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