Required information

Skip to question

[The following information applies to the questions displayed below.]

VQT Companies is the worlds leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that VQT sold a delivery truck for $29,000. VQT had originally purchased the vehicle and recorded it in the Truck account for $49,000 and had recorded depreciation for three years.

Required:

Calculate the amount of gain or loss on disposal, assuming that Accumulated DepreciationTruck was (a) $20,000, (b) $17,000, and (c) $25,000. (Select "None" if there is no Gain or Loss.)