Question

A truck costing $56,000 has accumulated depreciation of $50,000. The truck is sold for $8,500. What is the journal entry for this transaction?

Answer 1

14500 !!!!!!!!!!!!!!!!!

Answer 2

Answer: debit Cash for​ $8,500, debit Accumulated Depreciation− Truck for​ $50,000, credit Truck for​ $56,000, and credit Gain on Disposal for​ $2,500.