Boalsburg Co

question 5

Multiple Choice

Boalsburg Co.purchased a truck on January 1, 2014, for $30,000.The truck had an estimated life of 5 years and an estimated residual value of $5,000.Lightning Delivery used the straight-line method to depreciate the asset.On July 1, 2016, the truck was sold for $17,000 cash.The journal entry to record the sale of the truck in 2016?

• A) increases net income
• B) increases total assets
• C) decreases total expenses
• D) decreases stockholders' equity

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