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Straight-line method to depreciate the equipment

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Reference no: EM13259230

ABC Company purchased a piece of equipment on June 1,2004 for $75,000. The equipment was assigned a $3,000 residual value and a 12-year life. ABC Companysold the equipment on December 31, 2009 for $22,900 cash.

Calculate the loss recorded on the sale assuming ABC Company was using the straight-line method to depreciate the equipment.

Reference no: EM13259230

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