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What amount of gain or loss should jacob inc

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Reference no: EM132627617

Question 1: On January 1, 2017, Jacob Inc. purchased a commercial truck for $48,000 and uses the straight-line depreciation method. The truck has a useful life of eight years and an estimated salvage value of $8,000. On December 31, 2019, Jacob Inc. sold the truck for $30,000. What amount of gain or loss should Jacob Inc. record on December 31, 2019?

Group of answer choices

Option 1: $6,000 gain

Option 2: $3,000 loss

Option 3: $3,000 gain

Option 4: $6,000 loss

Option 5: $18,000 loss

Reference no: EM132627617

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