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Determine the amount of gain or loss

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Question - On Jan. 8, 2015 Your Co. bought a new machinery and planned to use over its useful life of 7 years. The machinery ended up costing Your Co. a total of $216,000. Assume Your Co. decided to depreciate the machinery over its useful life using the straight-line method to a salvage value of $18,600. On Oct. 25, 2019 Your Co. sold the machinery for $116,000.

Required - Determine the amount of gain or loss to be recognized on this sale. Explain how the sale would be reported in the financial statements of Your Co.

Reference no: EM132859194

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