Orbit Airways purchased a baggage-handling truck for $41,000. Suppose Orbit Airways sold the truck on December 31,2010,
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Orbit Airways purchased a baggage-handling truck for $41,000. Suppose Orbit Airways sold the truck on December 31,2010, for $28,000 cash, after using the truck for two full years and accumulating depreciation of $16,000. Make the journal entry to record Orbit Airways’ sale of the truck.
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