Fast Pizza Delivery disposed of a delivery vehicle that had been used in the business for four years. The records of the company provide the following information:
Delivery vehicle ......... $35,000
Accumulated depreciation ..... 20,000
Calculate the gain or loss on the disposal of the delivery vehicle for each of the following independent situations:
1. Fast Pizza sold the delivery vehicle to the business manager for $15,000.
2. Fast Pizza sold the delivery vehicle to a homeless shelter for $10,000.
3. Fast Pizza sold the delivery vehicle to a customer for $17,000.
4. Fast Pizza caught on fire and the delivery vehicle was destroyed; Fast Pizza had no insurance.