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Determine the capital recovery on this piece of equipment

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Question - A piece of equipment purchased at a cost of $120,000 by a company was depreciated using the MACRS method. The piece of equipment was sold in the 4th year for $50,000. Determine the capital recovery on this piece of equipment (gain or loss on disposal). The piece of equipment is a 7-year property according to MACRS GDS property class. Show all work.

Reference no: EM132935510

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