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?