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2. A company sold a machine that originally cost $250,000 (Basis) for $120,000 (Proceeds) when Accumulated Depreciation on the machine was $100,000. What is the

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2. A company sold a machine that originally cost $250,000 (Basis) for $120,000 (Proceeds) when Accumulated Depreciation on the machine was $100,000. What is the gain or loss recognized (recorded) on the sale of this machine and what is the journal entry to record this transaction

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