E$11-16$ Disposal of Property, Plant, and Equipment Swann Company sold a delivery truck on April $1,2019.$ Swann

$1011\mathrm{.}8$

had acquired the truck on January $1,2015,$ for $$42,000.$ At acquisition, Swann had estimated that the truck would have an estimated life of $5$ years and a residual value of $$5,000.$ At December $31,2018,$ the truck had a book value of $$12,400.$

Required:

Prepare any necessary journal entries to record the sale of the truck, assuming it sold for:

a$.$ $$12,000$

b$.$ $$9,000$

How should the gain or loss on disposal be reported on the income statement?

Assume that Swann uses IFRS and sold the truck for $$12,000.$ In addition, Swann had previously recorded a revaluation surplus related to this machine of $$4,000.$ What journal entries are required to record the sale?