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Cash Flow Overland Trucking has an old truck that cost 30,000, and it has accumulated depreciation of 16,000 on this truck. Overland has decided

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Cash Flow Overland Trucking has an old truck that cost 30,000, and it has accumulated depreciation of 16,000 on this truck. Overland has decided to sell the truck. Prepare the Debit-Credit Journal Entries as the 7-Steps illustration to answer the following: A) How much is the expected gain, in , on the disposal of the Plant Asset 7 points if the sale of the truck is 17,000 cash? (7) 5,000 4,000 6,000 2,000 3,000 B) How much is the expected loss, in , on the disposal or sale of the Truck is at 10,000 cash? (7) 2,000 3,000 6,000 5,000 4,000 7 points

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