Leavy Corporation owns a delivery van with an original cost of $ 36,500 and accumulated depreciation of

Question:

Leavy owns a delivery van with an original cost of $ 36,500 and accumulated depreciation of $ 28,000. Determine the amount of gain or loss on the sale of the van under each of the following situations:
A. The van is sold for $ 10,000 cash.
B. The van is sold for $ 8,000 cash.
C. The van is sold for $ 2,000 cash plus a six-month $ 7,000 note receivable with a stated 8 percent interest rate.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...