Solution-Compute parson s gain or loss on the sale of the

Compute parson s gain or loss on the sale of the truck

Reference no: EM131791938

Question - Person Dot Company sold a delivery truck on July 1, 2005, for $5,000. The original cost of the truck was $30,000. Each December 31, Parson s recognized $4,500 of depreciation using the straight-line method. On January 1, 2005, the accumulated depreciation was $22,500. The liquidation value for the truck is $3,000 on July 1. Compute Parson s gain or loss on the sale of the truck.

$2,000 gain

$2,500 loss

$250 loss

$250 gain

Reference no: EM131791938

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Compute parson s gain or loss on the sale of the truck

Reference no: EM131791938

Reference no: EM131791938

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