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Required information [The following information applies to the questions displayed below.] Nomad Industries is the world's leading express-distribution company. In addition to its 643 aircraft,
Required information [The following information applies to the questions displayed below.] Nomad Industries is the world's 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 Nomad sold a delivery truck for $15,000. Nomad had originally purchased the vehicle and recorded it in the Truck account for $25,000 and had recorded depreciation for three years. Required: 1. Calculate the amount of gain or loss on disposal, assuming that Accumulated DepreciationTruck was (a) $10,000, (b) $9,000, and (c) $14,000. (Select "None" if there is no Gain or Loss.) Gain/Loss Amount (a) (b) (C)
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