Question: Item 3 : On January 1 , 2 0 2 0 , Entity C purchased a used vehicle at a cost of $ 2 8

Item 3: On January 1,2020, Entity C purchased a used vehicle at a cost of $28,000. Entity A depreciated it using the straight-line method using a 4-year service life and a salvage value of $4,000. Unable to sell it, on January 1,2024, Entity C retired and scrapped the vehicle. Make the entry to record the January 1,2024 transaction. Hint: Compute book value at time of disposal and then gain (loss). Show your work.
Item 3: On January 1,2020, Entity C purchased a used vehicle

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