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Calculate the gain or loss

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Question - An asset was purchased for $35,000 on January? 1, 2019. The? asset's estimated useful life was five? years, and its residual value was $11,000. The straight-line method of depreciation was used. Calculate the gain or loss if the asset is sold for $22,000 on December? 31, 2019, the last day of the accounting period.

Reference no: EM132771057

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