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How much is the gain or loss on disposal

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On March 31, 2020 Jim purchased a truck for 50,000 cash. Additional costs included freight 1,000, interior customization 5,000 and 2,400 for a one-year insurance policy. At the purchase date Jim planned to use the truck for six years and expected to be able to sell it for 8,000 after that time. Jim depreciate the asset using straight-line depreciation

Problem 1: On October 1, 2023 Jim sell the truck for 15,000. How much is the gain or loss on disposal

Reference no: EM132962027

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