On january 1, 2013, jacob inc. purchased a commercial truck for $48,000 and uses the straight-line depreciation method. the truck has a useful life of eight years and an estimated residual value of $8,000. on december 31, 2015, jacob inc. sold the truck for $30,000. what amount of gain or loss should jacob inc. record on december 31, 2015?

The amount of gain should Jacob Inc. record on December 31, 2015 is $5,000

Explanation:

Truck Value =  $48,000

Annual depreciation =   ( $48,000 -   $8,000) / 8 = $40,000 / 8= $5,000

First year (2013) = $40,000 - $5,000 =  $35,000

Second year (2014) = $35,000 - $5,000 =  $30,000

Third year (2015)= $30,000 - $5,000 =  $25,000

Gain  = Sale Value - Truck Value (actual) = $30,000 - $25,000 = $5,000

government control and resources

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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