Strawberry fields purchased a tractor at a cost of 48000

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Strawberry Fields purchased a tractor at a cost of $48,000 and sold it two years later for $23,000. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $6,500 residual value. What was the gain or loss on the sale?

Reference no: EM13572987

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