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Compute the net book value of the van on the sale date

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Reference no: EM133125619

Question - Computing Depreciation, Asset Book Value, and Gain or Loss on Asset Sale - Palepu Company owns and operates a delivery van that originally cost $27,200. Straight-line depreciation on the van has been recorded for three years, with a $2,000 expected salvage value at the end of its estimated six-year useful life. Depreciation was last recorded at the end of the third year, at which time Palepu disposes of this van.

Required -

a. Compute the net book value of the van on the sale date.

b. Compute the gain or loss on sale of the van if its sales price is for:

1. Cash equal to book value of van

2. $15,000 cash

3. $12,000 cash.

Reference no: EM133125619

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