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A piece of equipment with a cost of 11000 a useful life of

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A piece of equipment with a cost of $11,000, a useful life of 5 years, and a salvage value of $1000 is depreciated using straight-line method. On the first day of the fourth yr, the equipment is sold for $4000. Using this information, compute the gain or loss on the sale of equipment.

Reference no: EM13574359

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