Thomson's PP&E at the beginning of 2021 is summarized below.

Thomsons 2021 transactions with regard to PP&E are as follow:

(Jan 1) Purchased a Building B and Equipment A. Details needed to set up depreciation schedules are summarized below.

(Apr 30) Truck A was sold for $50,000.

(Dec 31) Recorded depreciation expenses for all the assets. Equipment A's estimated total production capacity is 1000 units. In 2021, 300 units were produced.

(Dec 31) Unexpected change in real-estate market condition indicated that the sum of undiscounted future cash flows for Building A is estimated at $500,000 and the fair value is estimated at $400,000. The remaining service life is 5 years and the residual value is updated to $80,000. Building A will resume depreciation using the new #s in 2022 based on the double-declining method.

In 2022, Equipment A produced 200 units.

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How much gain or loss on sale Thomson would recognize on Apr 30, 2021?

Correct answer: $8,333

*Please explain all steps in finding the answer and explain where all numbers came from.

Assets Fixed Asset at the beginning of 2021 Cost ($) Residual ($) Depreciation Method Acquisition Date Useful life 1/1/2020 10 Building A Truck A 1,000,000 100,000 200,000 30,000 Double-declining Straight-line 1/1/2018 4 Fixed assets purchased during 2021 Cost ($) Residual ($) Assets Acquisition Date Useful life Building B 1/1/2021 2,000,000 500,000 10 Depreciation Method Sum-of-the years-digits Unit-of production 5 Equipment A 1/1/2021 80,000 5,000 5