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1. A company bought a machine on July 1, 2009, for $50,000. At that date, it was estimated to have a useful life of five

1. A company bought a machine on July 1, 2009, for $50,000. At that date, it was estimated to have a useful life of five years and a residual value of $5,000 at the end of its useful life. On December 31, 2012, the company sold the machine for $25,000. How will this sale be accounted for in the companys financial statements?(2 Marks)

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