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Calculate the gain or loss on the sale of the asset

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Problem - On November 4, 2017, Blue Company acquired an asset (27.5-year residential real property) for $200,000 for use in its business. In 2017 and 2018, respectively, Blue took $642 and $5,128 of cost recovery. These amounts were incorrect; Blue applied the wrong percentages (i.e., those for 39-year rather than 27.5-year assets). Blue should have taken $910 and $7,272 cost recovery in 2017 and 2018, respectively. On January 1, 2019, the asset was sold for $180,000. Calculate the gain or loss on the sale of the asset for that year.

Reference no: EM132657188

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