On December 31, 2024, a company had balances in Accounts Rec…

On December 31, 2024, a company had balances in Accounts Receivable and Allowance for Uncollectible Accounts of $48,400 and $940, respectively. During 2025, the company wrote off $820 in accounts receivable and determined that there should be an allowance for uncollectible accounts of $1,140 at December 31, 2025. Bad debt expense for 2025 would be:

On January 1, 2024, Jacob Incorporated purchased a commercia…

On January 1, 2024, Jacob Incorporated purchased a commercial truck for $48,000 and uses the straight-line depreciation method. The truck has a service life of eight years and an estimated residual value of $8,000. Assume the truck was totaled in an accident on December 31, 2025. What amount of gain or loss should Jacob Incorporated report on December 31, 2025?