Orion industries acquired a forklift for $40.000 on May 31st of 2015. It is anticipated that the forklift will either last for 8 years or 240,000 hours with zero salvage value remaining at the end of the asset's life. The business decided to sale the forklift on February 1st of 2021 for 518.000. 

What is the complete journal entry to record the depreciation in 2021 as well as the deposition of the forklift

Answer rating: 100% (QA)

To record the depreciation in 2021 and the disposal of the forklift the following journal entries ne... View the full answer