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On April 1 of the current year, a company disposed of an automobile that had cost $20,000. The auto had a residual value of $2,000, and a useful life of 5 years. The accounting records showed accumulated depreciation for this automobile 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 automobile.
Bryophyta
A division of non-vascular plants that includes mosses, characterized by a life cycle dominated by the gametophyte stage.
Hepaticophyta
A division of non-vascular plants known as liverworts, which are small, herbaceous plants found worldwide, playing a key role in the ecology of moist habitats.
Anthocerophyta
A phylum of non-vascular plants known as hornworts, characterized by a sporophyte that resembles a horn.
Ferns
A group of non-flowering vascular plants that reproduce via spores and have neither seeds nor flowers.
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