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Perla Company purchases a delivery van on January 1, 2020 for $21,000 with 6 years of useful life and $3,000 salvage value. On June 1,

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Perla Company purchases a delivery van on January 1, 2020 for $21,000 with 6 years of useful life and $3,000 salvage value. On June 1, 2025, Perla exchanges the old van for a new SUV paying $13,000 and giving the old van. On the day of exchange, the van has a fair value of $6,000. The company uses the straight-line method for depreciation

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