Computing Depreciation, Net Book Value, and Gain or Loss on Asset Sale Inch Company owns and operates a delivery van that originally cost $46,400. Lynch has recorde straight-line depreciation on the van for four years, calculated assuming a $5,000 expected salvage value at the end of its estimated six-year useful life. Depreciation was last recorded at the end of the fourth year, at which time Lynch disposed of this van 30. a. Compute the net book value of the van on the disposal date. b. Compute the gain or loss on sale of the van if the disposal proceeds are: 1. A cash amount equal to the van's net book value. 2. $21.000 cash. 3. $17,000 cash