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Compute how much is the gain or loss on the sale

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Reference no: EM132693442

B&B Company acquired a truck that cost $110,000. The company estimated it could sell the truck for $15,000 at the end of its estimated useful life of 5 years.

Problem 1: How much is the gain or loss on the sale if straight-line depreciation is used and the asset is sold for $56,200 on December 31, Year 3?

A. $15,200 loss
B. $16,800 loss
C. $17,000 gain
D. $10,200 gain

Reference no: EM132693442

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