journal entry options are- accumulated depreciation, cash, depreciation expense, equipment, gain on disposal of property plant and equipment, and loss on disposal of property plant and equipment
Disposal of fixed Asset Perfect Auto Rentals sold obe of its cars on January 1. Perfect had acquired the car 2 vears earlier for $13,500. At acquisition, Perfect assumed that the car would have an estimated life of 3 years and a residual value of $3,000. Assume that Perfect had properiy used the straight-line depreclation method in previous years. Required: Frepare the journal entry to record the sale of the car assuming the car sold for (a) $6,500 cash, ( 0 ) \$4,000 cash, and (c) \$7,200 cash, The company recorded the car as equipment. If an amount box does not require an entry, leave it blank
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