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Tremblay Excavating purchased a used dump truck for $125,000 on January 1,2021. The ...

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Accounting

Tremblay Excavating purchased a used dump truck for $125,000 on January 1,2021. The
company has depreciated the dump truck using the straight-line method over its estimated
10-year life with a $6,500 residual value. Tremblay sold the dump truck on January 1,2024, for
$99,000. Total accumulated depreciation on the dump truck on the date of sale was $35,550.
What gain or loss should be recorded on the sale?
A. A gain of $26,000
B. A gain of $9,550
C. A loss of $26,000
D. A loss of $9,550
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