TANGIBLE ASSETS $-$ Problem $2(5$ points$)$

The firm PizzaToGo has a truck.

Purchased for $$80,000$

Depreciated $$3,000$ per year for the first five years.

Impaired by $$7,000$ at the beginning of year $6$

Depreciated $$3,000$ for another year

Then sold for $$50,000$ in cash.

a$.$ What's the Gain or Loss on the sale $($show your calculations$)?$

b$.$ What are the financial statement effects of the sale $($just the sale $-$ assume all truck related transactions such as depreciation and impairment were already correctly recorded previously$)?$

$\backslash$table$[[$Assets$,=,$Liabilities,$+,$Equity,Sales,$-,\backslash$table$[[$Expense$],[S$