Return to the RONA delivery truck example in Exhibit 10-5 on page 589. Suppose RONA sold the truck on December 31, 2016, for $31,000 cash, after using the truck for three full years. Amortization for 2016 has already been recorded. Make the journal entry to record RONA's sale of the truck under straight-line amortization.
In Exhibit 10-5

Amortization for the Year Asset Book Value Amortization Accumulated Amount Amortization Asset Amortization Amortizable Cost Date Cost Rate 01-01-2014 $65,000 31-12-2014 31-12-2015 31-12-2016 31-12-2017 31-12-2018 $65,000 $12,000 12,000 $60,000 60,000 60,000 60,000 60,000 $12,000 24,000 41,000 29,000 12,000 36,000 48,000 60,000 17,000 5,000 12,000