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On January 1st, 2020 a company purchased a vehicle for $36,000. The company estimated the vehicle useful life of 120,000 miles with a residual (salvage)

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On January 1st, 2020 a company purchased a vehicle for $36,000. The company estimated the vehicle useful life of 120,000 miles with a residual (salvage) value of $3,000. The company determined they no long needed the vehicle and sold it for $21,000 after being driven 60,000 miles. As a result of the sale the company would record a gain or (Loss) of Numeric Response

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