On April 1 of the Current Year,a Company Disposed of a Truck

question 94

Essay

On April 1 of the current year,a company disposed of a truck that had cost $20,000.The truck had a salvage value of $2,000,and a useful life of 5 years.The accounting records showed accumulated depreciation for this truck of $8,100 as of April 1 of the current year.The asset was discarded after an accident,and $10,500 cash was received from an insurance claim.Prepare the journal entry to record the disposal of the truck.

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Definitions:

Ultimatum Game

A game in economic experiments where two players decide on how to divide a sum of money; the proposer suggests a division and the responder can either accept or reject it.

Entitativity

The degree to which a collection of people feels like a cohesive group.

Social Identity

The part of an individual's self-concept derived from perceived membership in social groups.

Social Facilitation

The tendency for people to perform differently when in the presence of others than when alone, typically improving on simple or well-learned tasks.