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United Trucking Company sells a fleet of its used trucks for $55,000. The trucks originally cost the Company $1,410,000 and had Accumulated Depreciation of $1,269,000
United Trucking Company sells a fleet of its used trucks for $55,000. The trucks originally cost the Company $1,410,000 and had Accumulated Depreciation of $1,269,000 as of the date of this sale. What amount of gain or loss will United Trucking Company record on its income statement when it books the transaction of selling these trucks?
A. | Loss of $55,000. | |
B. | Loss of $86,000. | |
C. | Gain of $55,000. | |
D. | Gain of $86,000. |
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