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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You can see the logs in the Dashboard.