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Find amount of gain or loss that the county should recognize

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Reference no: EM132608747

Question - Marshall County traded in a used pickup for a new pickup truck with a sticker price of $44,000. The old pickup had a fair value of $26,000, historical cost of $45,000, and accumulated depreciation of $18,000. The dealer took the old truck and $15,000 for the new truck.

Find the amount of gain or loss that the county should recognize for this transaction in its General Fund financial statements?

A. $4,000 gain

B. $1,000 loss

C. $15,000 loss

D. $0

Reference no: EM132608747

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