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The firm PizzaToGo has a truck. - Purchased for $80,000 - Depreciated $3,000 per year for the first five years. - Impaired by $7,000 at
The firm PizzaToGo has a truck. - Purchased for $80,000 - Depreciated $3,000 per year for the first five years. - Impaired by $7,000 at the beginning of year 6 - Depreciated $3,000 for another year - Then sold for $50,000 in cash. a. What's the Gain or Loss on the sale (show your calculations)? b. What are the financial statement effects of the sale (just the sale - assume all truck related transactions such as depreciation and impairment were already correctly recorded previously)
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