Kudlow Inc. purchased a truck on January 1, 2011, for $80,o00. The truck had an estimated life of six years and an estimated salvage value of $8,o00. Kudlow uses the straight-ine method to depreciate the asset. On July 1, 2013, the truck was sold for $37,500 cash A) Prepare the journal entry to record the depreciation on the truck for 2012. Dec. 31 B) Show how the gain or loss on the sale of the asset would be reported on Kudlow Inc.'s income statement. Other income and expenses: Select | on disposal of plant assets