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What amount of gain or loss on the sale would be shown

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Problem - ABC Corporation sold a machine for $70,000. The machine had been purchased for $100,000 and had an estimated useful life to the company of 5 22 years and an estimated salvage value of $40,000. On the date of sale, the balance in the Accumulated Depreciation account was $25,000. What amount of gain or loss on the sale would be shown in the income statement?

Reference no: EM132960267

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