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What amount of gain or loss would the company report

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Question - The Weyland Corporation purchased some equipment on October 1st for $40,080 and expects that it will be useful for 12 years at which time it could be sold for $4,800. The company used the equipment for the rest of the current year and an additional three years after that; if the equipment were sold for $32,000 at that point, what amount of gain or loss would the company report on the sale? Use a positive number to indicate a gain or a negative number to indicate a loss.

Reference no: EM132189578

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