Lobo Limousines is disposing of its 15 passenger stretch limo. The original cost of the...

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Accounting

Lobo Limousines is disposing of its 15 passenger stretch limo. The original cost of the vehicle was $60,000 and it has accumulated depreciation of $52,000. Prepare the journal entries created to address the following situations.

The limo is sold for $10,000 Cash.

The limo is sold for $5,000 Cash.

Louie Lobo goes for a joyride and crashes the limo for no Salvage value.

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