On January 1, 2012, Beta Company Ltd. purchased a truck at an acquisition cost of $28,000.

The
vehicle has been depreciated by the straight-line method using a 4-year service life and a $4,000
salvage value. The companys fiscal year ends on December 31. Prepare the journal entry or
entries to record the disposal of the truck assuming that it was:
(a) Retired and scrapped with no salvage value on January 1, 2016.
(b) Sold for $5,000 on July 1, 2015.
(c) Sold it for $10000 on January 1, 2016
(d) On January 1, 2016 exchanged the old truck for a motor bike. An appraisal of the old truck
reveals that the fair market value of the truck is 6000.
(e) On January 1, 2016 exchanged the old truck for a motor bike and paid additional $2,000. An
appraisal of the old truck reveals that the fair market value of the truck is 6000.