Computing the gain or loss on sale of equipment. Fedup Express acquired a delivery truck on January 1, 2004, for $48,000. It estimated that the truck would have a six-year useful life and $6,000 salvage value. Fedup Express uses the straight-line depreciation method. On July 1, 2008, Fedup Express sells the truck for $14,000. Give the journal entries that Fedup Express makes on July 1, 2008, to recognize depreciation for 2008 and the sale of the truck.

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