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Miller Industries purchased a delivery van at a cost of $50,000. The van is estimated...

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Accounting

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Miller Industries purchased a delivery van at a cost of $50,000. The van is estimated to last ten years or 100,000 miles at which point it is estimated to have a salvage value of $10,000. Miller used the units of activity method. In year 1 and year 2, the truck was driven 21,000 and 27,000 miles, respectively. On the first day of Year 3, the truck is sold for $31,750. What gain (or loss) would Miller record? Numeric Response

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