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Calculate gain or loss associated with second transaction

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Lincoln Corp. has bought a machine on Jan 1, 2030 for 89. It sold it on December 31, 2033 for 3. The machine is linearly depreciated over 18 years. The residual value is 10% of the purchase price.

Problem 1: Calculate the gain or the loss associated with the second transaction?

Reference no: EM132654559

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