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Johnson sold a commercial delivery truck on May 17, 2023 for $68,000. The vehicle was...

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Accounting

Johnson sold a commercial delivery truck on May 17, 2023 for $68,000. The vehicle was purchased new on February 16, 2020 for $100,000. The vehicle was depreciated using a MACRS 5-year life and no bonus depreciation or Sec. 179 expense was taken.

What is the amount and character of the gain or (loss) recognized by Johnson in 2023 for the sale of the delivery vehicle?

SOLD TRUCK: 68,000

COST: 100,000

2020: 20,000

2021:32,000

2022:19,200

2023: 5760

TOTAL AD:76,960

ADJ BASIS: 23,040

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