Question: A machine is purchased on July 1, 2009, for $170,000. It has an expected useful life of 10 years and no salvage value . After

A machine is purchased on July 1, 2009, for $170,000. It has an expected useful life of 10 years and no salvage value. After eight years, the machine is sold for $36,000 cash. What is the gain or loss on the sale?

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