Leavy Corporation owns a delivery van with an original cost
Leavy Corporation 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.
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