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E7-14(Algo) Recording the Disposal of an Asset and Financial Statement Effects LO7-5 FedEx...

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Accounting

E7-14(Algo) Recording the Disposal of an Asset and Financial Statement Effects LO7-5
FedEx Corporation is a global leader in express distribution. It has the world's largest fleet of all-cargo aircraft and thousands of vehicles, trailers and electric-powered autonomous delivery robots (bots) and drones to pick up and deliver packages. These bots and drones are used primarily for the "last mile (or kilometre) of delivery" in the most environmentally sustainable and cost-effective way. Assume that FedEx sold some of its robots as part of a modernization process. The bots had been used in the business for three years. The records of the company reflect the following (in millions):
Fleet of electric powered, autonomous delivery $46 bots
Accumulated depreciation
34
Required:
Prepare the journal entry to record the disposal of the fleet of bots and the related transaction effects, assuming that the sales price was (a) $12,(b) $13, or (c) $10.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Journal entry worksheet
1
23
Record the disposal of the truck assuming that the sales price was $12.
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