food to go delivery Service disposed of one of their delivery cars after using i

Question

food to go delivery Service disposed of one of their delivery cars after using it for two years. The records of the company provide the following information. Delivery car cost $30000 Accumulated depreciation $10000 Calculate the gain or loss on the disposal of the car for each of the following independent situations A. Food to Go sold the car to another for $22,000. b. Food to Go sold the car to another for $17,000 c. The car was stolen from the parking lot and no insurance was carried on it for theft.

Explanation / Answer

a) gain of 2,000 //( 22,000 - 20,000 )

b) loss of 3,000 //( 17,000 - 20,000 )

c) loss of 20,000 // ( 0 - 20,000 )

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