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2. The machine was originally purchased on January 1, 2016 for $40,000. The machine was estimated to have a useful life of 5 years and

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2. The machine was originally purchased on January 1, 2016 for $40,000. The machine was estimated to have a useful life of 5 years and no residual value. The company uses straight-line depreciation. On December 31, 2017, the machine was sold for $25,000. Required: Part a. Determine the gain (loss) on disposal, if any. Part b. Prepare the journal entry to record the sale

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