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Compute how much is the gain or loss

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Reference no: EM132612021

Question - Adelphi Company purchased a machine on January 1, 2017, for $80,000.  The machine was estimated to have a service life of ten years with an estimated residual value of $5,000.  Adelphi sold the machine on January 1, 2021 for $30,000. Adelphi uses the double declining method for depreciation.

Required - Compute how much is the gain or (loss) for the equipment sale entry made on January 1, 2021.

Reference no: EM132612021

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