A company acquired a truck for $79,000 at the beginning of the fiscal year.It has a useful life of 5 years and a residual value of $9,000.The company uses the straight-line method of depreciation.After owning the truck for two years, the company sold it for $34,000.(a) Determine depreciation expense for each of the first two years, and (b) determine the gain or loss resulting from the sale.

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The Answer of A company acquired a truck for $79,000 at the beginning of the fiscal year.It has a useful life of 5 years and a residual value of $9,000.The company uses the straight-line method of depreciation.After owning the truck for two years, the company sold it for $34,000.(a) Determine depreciation expense for each of the first two years, and (b) determine the gain or loss resulting from the sale.

A Company Acquired a Truck for $79,000 at the Beginning