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Recording the disposal of an asset three different sale prices
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 669 aircraft and 53,000 vehicles and trailers 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 record of the company reflected the following:
Delivery truck cost $28,000
Accumulated depreciation $23,000
Required:
1. Give the journal entry for the disposal of the truck, assuming that the truck sold for
a. $5,000
b. $5,600
c. $4,600
2. Based on the three preceding situations, explain the effects of the disposal of an asset.
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