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On January 1st 2016 the Grumpy Company purchased a tractor for $270,000. This tractor is expected to last 9 years and have a $18000 salvage
On January 1st 2016 the Grumpy Company purchased a tractor for $270,000. This tractor is expected to last 9 years and have a $18000 salvage value Grumpy expects to drive the tractor 1008000 miles In 2016 Grumpy drove the tractor 90,000 miles; in 2017 Grumpy drove the tractor 377,000 miles Part 1: fill in the following table 2016 2017 2016 2017 dep exp dep exp book value book value straight line depreciation double declining depreciation units of activity depreciation Part 2: On January 1st 2018 Grumpy sold the tractor for $152,000. If Grumpy was using straight line depreciation, what gain or loss do they show on the sale
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