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A truck cost $60000 when purchased and has a $55000 balance in the accumulated

A truck cost $60,000 when purchased and has a $55,000 balance in the accumulated depreciation account. If the truck is discarded we will record:

debit to truck, $60,000; and debit to loss on disposal, $5,000

credit to accumulated depreciation, $60,000; and credit to loss on disposal, $5,000

credit to truck, $60,000

loss on disposal, $60,000

Feb 06 2020 View more View Less

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