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Garcia Excavating purchased a used dump truck for $105,000 on January 1, 2021. Garcia Excavating purchased a used dump truck for $105,000 on January 1,
Garcia Excavating purchased a used dump truck for $105,000 on January 1, 2021.
Garcia Excavating purchased a used dump truck for $105,000 on January 1, 2021. The company has depreciated the dump truck using the straight-line method over its estimated 10-year life with a $6,000 residual value. Garcia sold the dump truck on January 1, 2024, for $83,000. Total accumulated depreciation on the dump truck on the date of sale was $29,700. What gain or loss should be recorded on the sale? O A. Again of $7,700 OB. A gain of $22,000 OC. A loss of $22,000 OD. A loss of $7,700 Step by Step Solution
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