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Rita owns a truck costing $16,000 and used for personal activities. The truck has a...

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Accounting

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Rita owns a truck costing $16,000 and used for personal activities. The truck has a $9,500 FMV when it is transferred to her business, which is operated as a sole proprietorship. Requirements a. What is the basis of the truck for determining depreciation? b. What is Rita's realized gain or loss if the truck is sold for $9,000 after claiming depreciation of $8,000? C. What is the importance of considering depreciation when selling an asset? Why must depreciation be considered

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