Leo Gallagher is a traveling comedian, musician, and philosopher. In September of 2019, a truck he had used for several years to transport watermelons for his business was totally destroyed in a sudden accident. His insurance reimbursed him $6,000 for the truck, which had adjusted basis of $5,000 and FMV of $9,000. In addition, he disposed of the following assets during 2019, and they all were solely used in the trade or business:
Asset
Purchased
Sold
Cost
Accumulated Depreciation
Sale Price
Sledge Hammer
3/10/2016
06/17/2019
$3,000
$1,000
$6,000
Office Furniture
7/18/2015
02/02/2019
$20,000
$12,000
$6,000
Equipment
10/14/2017
10/30/2019
$230,000
$11,800
$250,000
For each asset/transaction, list BOTH the amount(s) and the character(s) of any gain(s) or loss(es)
