Boalsburg Co purchased a truck on January 1, 2014, for $30,000 . The truck had an estimated life of 5 years and an estimated residual value of $5,000 . Lightning Delivery used the straight-line method to depreciate the asset. On July 1, 2016, the truck was sold for $17,000 cash. The journal entry to record the sale of the truck in 2016?
a. increases net income
b. increases total assets
c. decreases total expenses
d. decreases stockholders' equity
d
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Fill in the blank with the appropriate word.
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Fill in the blanks with correct word
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Indicate whether the statement is true or false