Question: PLEASE ANSWER QUICKLY 10) (6 points) On January I, 2020, Swift Inc. purchased a commercial truck for $96,000 and uses the straight-line depreciation method. The

PLEASE ANSWER QUICKLY

10) (6 points) On January I, 2020, Swift Inc. purchased a commercial truck for $96,000 and uses the straight-line depreciation method. The truck has a useful life of eight years and an estimated residual value of $16,000. On December 31,2021, Swift Inc, sold the truck for $83,000. (a) What was the gain or loss on the sale of the equipment? Indicate both whether there is a gain or loss and the amount of the gain or loss. (b) Record the sale of the equipment

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