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Gotham City Deliveries purchased a company vehicle on 11?19 for $48,000. The estimated salvage value...

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Accounting

Gotham City Deliveries purchased a company vehicle on 11?19 for $48,000. The estimated salvage value for the vehicle is $3,000 at the end of its 3-year useful life. The estimated productive life of the vehicle is estimated to be 150,000 miles. Annual milage of the vehicle is as follows: 2019: 70,000 miles, 2020: 50,000 miles, 2021: 30,000 miles.
Calculate depreciation for the vehicle for 2019,2020, and 2021 using straight-line, units of production, and double declining balance methods of depreciation.
Now assume on 6/1?20, Gotham City Deliveries decided to sell the vehicle for $28,000. Assuming the company has been using the straight-line method of depreciation:
a. How much TOTAL depreciation should have been recorded for the vehicle as of the time of the sale?
b. What was the gain or loss on the sale?
c. Prepare the journal entry that will be recorded on 61?20 to reflect the sale.
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