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What gain or loss will Planet Link realize

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Problem - On May 1, 2020, Planet Link Inc. purchased a new piece of equipment that cost $45,000. The estimated useful life is ten years, and estimated residual value is $2,000. Assume that Planet Link uses the straight-line method of depreciation and sells the equipment for $30,800 on May 1, 2024. Based on the result of the sale of the equipment, what gain (or loss) will Planet Link realize?

Reference no: EM132918256

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