Garcia Excavating purchased a used dump truck for $100,000 on January 1, 2018. The company...
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Garcia Excavating purchased a used dump truck for $100,000 on January 1, 2018. The company has depreciated the dump truck using the straight-line method over its estimated 10-year life with a $5,000 residual value. Garcia sold the dump truck on January 1, 2021, for $78,000. Total accumulated depreciation on the dump truck on the date of sale was $28,500. What gain or loss should be recorded on the sale? O A. Again of $22,000 B. A loss of $22,000 OC. A loss of $6,500 OD. A gain of $6,500
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