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Calculate the gain or loss

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Question - An asset was purchased for $31,000 on January 1, 2025. The asset's estimated useful life was five years, and its residual value was $7,000. The straight - line method of depreciation was used. Calculate the gain or loss if the asset is sold for $24,000 on December 31, 2025, the last day of the accounting period.

Reference no: EM133124517

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