Greased Lightning, a delivery service, purchased a new delivery truck for $40,000 on January 1, 2022. The truck is expected to have an estimated useful life of 10 years or 148,000 miles and an expected residual value of $3,000. The truck was driven 15,000 miles in 2022 and 13,400 miles in 2023.

Assume that Greased lightning sells the delivery truck on January 1, 2024 for $30,000 and was using the straight-line method of depreciation, present the journal entries required for this sale and indicate below the journal entry boxes if this sale resulted in a gain OR a loss of the company.

The disposal of the asset has resulted in a __________________ for the company