A delivery van was purchased for $30,000 on July 1, 20X4. It was depreciated on a straight- line basis for 3 years prior to being sold on December 31, 20X7, for $8,000. It has a salvage value of $3,000. Assume its life for depreciation purposes is five years. Required: 1. What was the depreciation expense for 20X4? 2. What was the accumulated depreciation expense over the life of the van prior to the sale? 3. What was the gain or loss on the sale?