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3) Motor Sales sold its old office furniture for $9000. The original cost was $17,000, and at the time of sale, accumulated depreciation was $14,000.

3) Motor Sales sold its old office furniture for $9000. The original cost was $17,000, and at the time of sale, accumulated depreciation was $14,000. What is the effect of this transaction (gain or loss, and amount)? Show your work

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