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Determine the amount of gain or loss on the sale

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Question - A company purchases equipment for $82,500 on January 1. It has an estimed residual value of $5,000 and an estimated useful life of 5 years. The company uses the straight-line method of depreciation. The company sells the equipment on 12/31 after 3 full years of ownership for $40,300 cash. Determine the amount of gain or loss on the sale.

Reference no: EM133079873

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