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On January 1, 2015 Potlach Company purchased a commercial truck for $78,000 and uses the straight-line depreciation method. The truck has a useful life of

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On January 1, 2015 Potlach Company purchased a commercial truck for $78,000 and uses the straight-line depreciation method. The truck has a useful life of five years and an estimated residual value of $8,000. On January 1, 2019, Potlach sold the truck for $30,000. What amount of gain or loss should Potlach record on December 31, 2018? Gain, $8,000 Gain, $10,000 Gain, $16,000 Loss $8,000

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