What is the net gain or loss on the disposal of the delivery truck? * Loss of $7,000 on the disposal of delivery truck Gain of $1,000 on the disposal of delivery truck O Loss of $1,000 on the disposal of delivery truck Gain of $7,000 on the disposal of delivery truck On July 1, 2020, Elite Company sells a delivery truck for $8,000 cash. The delivery truck originally cost $25,000 and as of January 1, 2020, had accumulated depreciation of $ 16,000. Depreciation for the first six months of 2020 is $2,000. Answer the following questions based on the given information