Compute gains and losses on the sale of PPE. Understand that the effect on net income equals the cost of using the asset over the useful life of the asset. Gain (Loss) = Selling Price - Book Value Revenues are earned when engaging in the primary business activity and reported at their gross amount. Gains (Losses) are reported when a peripheral asset is sold and the selling price is reported net of book value as of the date of sale. Compute the gain (loss) for Fancy Florist on the sale of a van with a: a. book value of $8,000 and a selling price of $10,000. (Gain/Loss) of $ ______ b. book value of $10,000 and a selling price of $10,000. (Gain/Loss) of $ ______ c. book value of $11,000 and a selling price of $10,000. (Gain/Loss) of $ ______