Swann Company sold a delivery truck on April 1, 2016. Swann had acquired the truck on January 1,2012, for $39,500. At acquisition, Swann had estimated that the truck would have an estimated life of 5 years and a residual value of $4,000. At December 31,2015 , the truck had a book value of $11,100. Required: 1. Prepare any necessary joumal entries fo record the sale of the truck, assuming it sold for: a. $11,025 b. $7.525 2. How should the gain or loss on disposal be reported on the income statement? 3. Assume that Swann uses IFAS and sold the truck for $11,025. In addition, Swann had previousty recorded a revaluation surplus related to this machine of $5,000. What journal entries are required to record the sale? Chart of Accounts Question nat attempend. rinthas neened 1. appecinon mpense of the detivery huck for acte Qurstion nat aftempered. Assume that Swann uses IFRS and sold the truck for $11,025. In addition, Swann had previously recorded a revaluation surplus related to this machine of $5,000. 1. depreciation expense of the delvery truck for 2016 2. the sale of the truck, assuming if sold for $11,025 3. other adfustments related to removing the delivery truck from the books Question not attempted