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How much gain or loss should be recorded on the sale

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Question - On 1/1/X2, Biltmore Inc. decided to sell one of its machines for $8,000 cash. The following data are available for the machine as of the disposal date:

Cost $125,000

Original estimated residual value 5,000

Accumulated Depreciation as of 12/31/X1 118,000

Required - How much gain or loss should be recorded on the sale of this asset?

Reference no: EM133138891

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