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Reus Truck Company replaces the tires of its trucks. The new tires have a price...

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Question

Accounting

Reus Truck Company replaces the tires of its trucks. The new tires have a price of $127,000. The old tires have an original cost of $144,000 and accumulated depreciation of $128,000. Reus gave the old tires and $111,000 cash for the new tires. What is the effect of the entry to record the replacement on total assets?

Multiple Choice

  • Decrease of $17,000

  • No effect

  • Increase of $16,000

  • Decrease of $11,000

  • Increase of 111,000

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