Question: Exercise 1 1 - 1 1 ( Algo ) Disposal of property, plant, and equipment; partial periods [ LO 1 1 - 2 ] On

Exercise 11-11(Algo) Disposal of property, plant, and equipment; partial periods [LO11-2]
On July 1,2019, Farm Fresh Industries purchased a specialized delivery truck for $314,000. At the time, Farm Fresh estimated the truck to have a useful life of eight years and a residual value of $26,000. On March 1,2024, the truck was sold for $143,000. Farm Fresh uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service.

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