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Calculate the gain or loss on the sale at the end of year

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Question: Tullahoma Company purchased equipment for $27,500. It depreciated the equipment over a five year life by the double-declining-balance. The Accumulated depreciation is 17600, at which time the asset was sold for $8000. Calculate the gain or loss on the sale at the end of the second year. show all the necessary calculations.

Reference no: EM132720352

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