Piggot Construction Company purchased a pickup truck. They bought the truck three years ago for $28,000 and put it on the books as a four year piece of equipment using straight line depreciation. They assigned a salvage value of $8,000. They have posted depreciation for three years. The truck has just been sold for $12,000. No replacement.
Using the T account method of displaying transactions, show the various account debit or credit entries for the business activities identified above. Also assign an appropriate account number for each account you use.