Gain or loss on sale, A company purchased a trunk on Jan 1,

Gain or loss on sale

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Reference no: EM1350476

A company purchased a trunk on Jan 1, 2002 for $40,000. The truck has an estimated life of 6 years and an estimated residual value of $4,000. The company used the straight-line method to depreciate the asset. On July 1, 2004, the truck was sold for $14,000 csh. What's the gain or loss on the sale?

Reference no: EM1350476

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