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What was the gain or loss on the sale

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Question - Nittany, Inc. bought a vehicle on October 1, 2017 for $40,000. The vehicle had a useful life of 10 years, a salvage value of $4,000, and the company depreciated the vehicle using the straight-line method. If the company sold the vehicle on December 31, 2019 for $32,000, what was the gain or loss on the sale?

a. $100 gain

b. $800 loss

c. $8,000 loss

d. $4,100 loss

Reference no: EM132608691

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