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Sam's Subs purchased a delivery van on January 1, 2014, for $26,000. In addition, Sam's paid sales tax and title fees of $1,080 for the
Sam's Subs purchased a delivery van on January 1, 2014, for $26,000. In addition, Sam's paid sales tax and title fees of $1,080 for the van. The van is expected to have a four-year life and a salvage value of $5,480. a. Using the Straight-Line method, compute the depreciation expense for 2014 and 2015. b. Assume the van was sold on January 1, 2017, for $12,512. Determine the amount of gain or loss that would be recognized on the asset disposal
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