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Calculate the gain or loss

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Question - An asset was purchased for $33,000 on January 1, 2019. The asset's estimated useful life was five years, and its residual value was $4,000. The straight-line method of depreciation was used. Calculate the gain or loss if the asset is sold for $26,000 on December 31, 2019, the last day of the accounting period.

A. $1,200 loss

B. $1,200 gain

C. $600 gain

D. no gain or no loss

Reference no: EM132276409

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