Question: Prepare a journal entry to record the gain/loss when the asset is disposed of in both cases. Case-1: Rangi Co. sold out its old trucks

Prepare a journal entry to record the gain/loss when the asset

Prepare a journal entry to record the gain/loss when the asset is disposed of in both cases.

Case-1: Rangi Co. sold out its old trucks having cost $64,000 and $22,000 accumulated depreciation at the time of sale. The old trucks had a fair market value of $36.000. Case-2: Dryad Inc. trades its used machine (cost $12,000 less $4.000 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair value of $9.000), Dryad also paid cash of $3,000

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