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18) On December 31st, Gil Company has decided to sell one of its machines. The initial cost of the equipment was $225,000 with an accumulated
18) On December 31st, Gil Company has decided to sell one of its machines. The initial cost of the equipment was $225,000 with an accumulated depreciation of $170,000. Depreciation has been taken up to the end of the year. Gil Company found a company that is willing to buy the equipment for $19,000. What is the amount of the gain or loss on this transaction? (and please be sure to write the word gain or loss after your dollar answer, or you won't earn any points)
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