11) If "what you gave up" is more than "what you got," is a gain or loss recognized?
12) A truck costing $56,000 has accumulated depreciation of $50,000. The truck is scrapped for $0. What is the journal entry to record this transaction?
13) A truck costing $56,000 has accumulated depreciation of $50,000. The truck is scrapped for $500. What is the journal entry to record this transaction?
14) A truck that cost $44,000 and had accumulated depreciation of $38,000 was traded in for a new truck with a fair market value of $58,000. The old truck and $50,000 cash were given for the new truck. What is the journal entry to record this exchange of assets?
15) Equipment that cost $50,000 and had accumulated depreciation of $43,000 was traded in for new equipment with a fair market value of $62,000. The old equipment and $55,000 in cash were given up for the new equipment. What is the journal entry to record this exchange of assets?
16) Machinery that cost $57,000 and had accumulated depreciation of $46,000 was sold for $2,500. What is the journal entry to record this disposal?
17) A van that cost $23,700 and had accumulated depreciation of $21,000 was sold for $1,250.
Record the journal entry required.