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Calculate the amount of the loss on the sale

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Question - XYZ Company purchased a new machine on January 1, 2023 for $149,800. The machine had a 7-year life and a $5,600 salvage value assigned to it. The machine is being depreciated using the sum-of-the-years'-digits method. XYZ Company sold the machine on December 31, 2025 for $20,000.

Calculate the amount of the loss on the sale of the machine recorded by XYZ Company.

Reference no: EM132044799

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