A dump truck was bought for P $ 30,000 six years ago. It will have a salvage value of $ 3,000 four years from now. The owner sold it now for $ 8,000. If depreciation used is Sinking Fund Method at 6%, find the gain or loss in the selling of the dump truck. Show complete solution. Do not use excel a. $7,712 loss b. $5,214 loss c. $7,712 gain d. $5,214 gain
A dump truck was bought for P $ 30,000 six years ago. It will have a salvage value of $ 3,000 four years from now. The owner sold it now for $ 8,000. If depreciation used is Sinking Fund Method at 6%, find the gain or loss in the selling of the dump truck. Show complete solution. Do not use excel a. $7,712 loss b. $5,214 loss c. $7,712 gain d. $5,214 gain
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A dump truck was bought for P $ 30,000 six years ago. It will have a salvage value of $ 3,000 four years from now. The owner sold it now for $ 8,000. If
a. $7,712 loss
b. $5,214 loss
c. $7,712 gain
d. $5,214 gain
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