On July 1, 2020, Elite Company sells a delivery truck for $8,000 cash. The delivery truck originally cost $25,000 and as of January 1, 2020, had accumulated depreciation of $16,000. Depreciation for the first six months of 2020 is $2,000. Answer the following questions based on the given information How will Elite Company record the depreciation for the first 6 months of 2020 on July 1? O Debit Accumulated Depreciation $2,000 and Credit Depreciation Expense $2,000 O Debit Depreciation Expense $18,000 and Credit Accumulated Depreciation $18,000 O Debit Depreciation Expense $2,000 and Credit Accumulated Depreciation $2,000 O Debit Accumulated Depreciation $18,000 and Credit Depreciation Expense $18,000 What is the book value of the delivery truck at the date of the disposal (on July 1)? O $5,000 O $8,000 $6,000 O $7,000 What is the net gain or loss on the disposal of the delivery truck?" Gain of $7,000 on the disposal of delivery truck Gain of $1,000 on the disposal of delivery truck O Loss of $1,000 on the disposal of delivery truck O Loss of $7,000 on the disposal of delivery truck What is the accumulated depreciation of the delivery truck as of July 1, 2020? $25,000 O $16,000 O $18,000 $2,000 Assume that instead of selling the delivery truck for $8,000, Elite sells it for $5,000 on July 1, 2020. What will be the net loss or gain from the disposal of this asset on July 1, 2020? Loss of $1,000 on the disposal of delivery truck O Loss of $2,000 on the disposal of delivery truck O Gain of $1,000 on the disposal of delivery truck Gain of $,000 on the disposal of delivery truck When you have a gain from the disposal of a plant asset, you should record it to which side of the journal entry?. Either Debitor Credit Debit Neither Debit nor Credit Credit