On January 1st, 2019 a company purchased a customed vehicle for $55,000. The company estimated the vehicle useful life was 100,000 miles with a residual (salvage) value.

Type or paste question here

On January 1st, 2019 a company purchased a custom vehicle for $55,000. The company estimated the vehicle useful life was 100,000 miles with a residual (salvage) value of $5,000. The company determined they no long needed the vehicle and sold it for $28,000 after being driven 60,000 miles. As a result of the sale the company would record a gain or (Loss) of: Numeric Response