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Calculate the amount of gain or loss on disposal

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Question - MoveIt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that MoveIt sold a delivery truck for $7,000. MoveIt had originally purchased the truck for $12,000 and had recorded depreciation for three years. Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation was (a) $5,000, (b) $2,000, and (c) $7,000.

Reference no: EM133182720

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