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Gauthier Excavating purchased a used dump truck for $105,000 on January 1, 2018. The company has depreciated the dump truck using the straight-line method over
Gauthier Excavating purchased a used dump truck for $105,000 on January 1, 2018. The company has depreciated the dump truck using the straight-line method over its estimated 10-year life with a $7,500 residual value. Gauthier sold the dump truck on January 1, 2021, for $79,000. Total accumulated depreciation on the dump truck on the date of sale was $29,250. What gain or loss should be recorded on the sale? O A. Again of $3,250 OB. A loss of $26,000 OC. A gain of $26,000 OD. A loss of $3,250
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