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Greylock Bus Company buys a small fleet of double decker buses for $500K. They depreciate the buses over five years with no salvage value. After

image text in transcribed Greylock Bus Company buys a small fleet of "double decker" buses for $500K. They depreciate the buses over five years with no salvage value. After three years, they decide that the double decker buses are not profitable, and sell the whole fleet for $250K. How much gain or loss does Greylock recognize at the time of the disposal? Loss of $50K Gain of $50K Loss of $250K Gain of $250K

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