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Which accounting head did joshua business record

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Problem 1: Joshua bought a commercial truck for his business's operations in 2010. It cost him $30,000. Every year, its value has diminished. In 2014, the truck had an estimated market value of $25,000. Under which accounting head did Joshua's business record the difference of $5,000?

Problem 2: Wiser Pharmaceutical has received a utility patent from the US Patent and Trademark Office. It sold this patent to another pharmaceutical company for $50,000. Under which accounting head did Wiser record the patent in its books of accounts before the sale?

Reference no: EM132698637

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