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What is the gain on sale of the building

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Question - On December 31, 20x4, you purchase a building for $2,970,733. The building's useful life is expected to be 27 years after which it will have a residual value of $404,987. The diminishing balance method of depreciation is used at the rate of 4%. On December 31, 20x7, the building is sold for $2,450,824. What is the gain (loss) on sale of the building?

Reference no: EM133058039

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