Computing Gain or Loss on Disposal On July 1, one of Renee Company's delivery vans was crushed in an accident. On that date, the van's carrying value was $5,000. On July 15, Renee received and recorded a $1,400 invoice for a new engine installed in May in the crushed van and another $1,000 invoice for various repairs done at the same time. In August, Renee received $7,000 from its insurance policy on the van; Renee plans to use those funds to replace the van. Compute the amount Renee reports as a gain or loss on disposal of the van in its income statement. Note: Do not use a negative sign in your answer. 0