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Nittany, Inc. bought a vehicle on October 1, 2017 for $40,000. The vehicle had a useful life of 10 years, a salvage value of $4,000,
Nittany, Inc. bought a vehicle on October 1, 2017 for $40,000. The vehicle had a useful life of 10 years, a salvage value of $4,000, and the company depreciated the vehicle using the straight-line method. If the company sold the vehicle on December 31, 2019 for $32,000, what was the gain or loss on the sale?
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$100 gain
$800 loss
$8,000 loss
$4,100 loss
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