Multiple Choice
A truck costing $12,000,which has Accumulated Depreciation of $9,000,was sold for $2,000 cash.The entry to record this event would include a:
A) gain of $1,000.
B) loss of $1,000.
C) credit to the Vehicles account for $3,000.
D) credit to Accumulated Depreciation for $9,000.
Correct Answer:

Verified
Correct Answer:
Verified
Q53: At the end of a depreciable asset's
Q54: Which method should be used to calculate
Q55: The MegaHit Film Studio has a licensing
Q56: A company bought land and a building
Q57: When estimated useful life of an asset
Q59: When an asset is sold and the
Q60: On January 1,2018,Lamar,Inc.purchased equipment for $250,000.It has
Q61: A company bought a piece of equipment
Q62: Morten Co. ,which uses the double-declining-balance method
Q63: A company purchased office equipment for $24,500