Long Island Company Discards a Truck That Was Originally Purchased

question 76

Essay

Long Island Company discards a truck that was originally purchased for $50,000 and had accumulated depreciation of $30,000.Prepare the journal entry for the disposal.Omit explanation.

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Definitions:

Indifference Curves

Visual charts utilized in microeconomics to depict various combinations of two products that offer the same level of satisfaction and utility to a buyer.

Marginal Rate

Usually referred to in the context of taxes or production, indicating the rate of increase in tax payment or output produced with the addition of one unit of input.

Constant

A fixed value in mathematics and science that does not change under specified conditions.

Normal Good

A good for which demand increases as consumer income rises, and falls when consumer income decreases.