Yellow Dog Transit sold an old truck on December 31, 2016, for $18,400 cash. The following data was available when the truck sold: Acquisition cost $75,000 Estimated residual value at time of acquisition 8,000 Accumulated depreciation on December 31, 2016 after adjustment 53,600 When this transaction is recorded, it should include a(n)
a. Loss on Disposal account for $3,000
b. Decrease of $21,400 to the Truck account
c. Gain on Disposal account for $3,000
d. Gain on Disposal account for $5,000
a
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Indicate whether the statement is true or false
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