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On July 1,2017, Dacula Ind. Purchased a truck for $58,500. At the time, Dacula estimated the truck to have a useful life of 5 years

On July 1,2017, Dacula Ind. Purchased a truck for $58,500. At the time, Dacula estimated the truck to have a useful life of 5 years and a residual value of $4,500. On March 31, 2020, the truck was sold for $27,400. Dacula uses the straight-line method for all its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. What is the amount of the gain or loss on the truck?

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