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Question - Computing Depreciation, Net Book Value, and Gain or Loss on Asset Sale - Lynch Company owns and operates a delivery van that originally cost $51,500. Lynch has recorded straight-line depreciation on the van for four years, calculated assuming a $5,000 expected salvage value at the end of its estimated six-year useful life. Depreciation was last recorded at the end of the fourth year, at which time Lynch disposes of this van.
Required -
a. Compute the net book value of the van on the disposal date.
b. Compute the gain or loss on sale of the van if the disposal proceeds are:
1. A cash amount equal to the van's net book value.
2. $22,400 cash.
3. $18,400 cash.
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