On January 1, 2012, the Von Schoppe Company purchased a delivery truck for $20,000. The...
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Accounting
On January 1, 2012, the Von Schoppe Company purchased a delivery truck for $20,000. The truck had an estimated useful life of six years and a salvage value of $2,000. On September 30, 2014, Von Schoppe sold the truck for $13,000. Von Schoppe uses the straight-line method of depreciation and records depreciation on December 31.
a. Calculate the gain or loss on the disposal of the delivery truck.
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