On August 1, 2020, Boom Fireworks purchases a Box Truck to complete delivers for the upcoming New Years season and going forward. The cost of the Truck is $55,000, the company uses straight line depreciation and the useful life is 5 years. Boom Fireworks puts $0 on the salvage value. When the company sold the truck on July 31 , they sold it on a Note Receivable with payments due quarterly, beginning November 1 . When November 1st came around, no payment was received and when the company called the number for the buyer, the phone number was no longer valid. What should the company do? a. Reverse the sale transaction and remove the asset from the books. Will it create a gain or a loss? b. Wait until the next quarter and cross you fingers that the payment comes in in February of the subsequent year (and if it doesn't deal with it in the next fiscal year) c. Reserve against the note receivable and continue collection effort