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(5 points) KWA Co. purchased a new machine on January 1, 2017 for $5,616,600. At the time, management believed that the machine would last
(5 points) KWA Co. purchased a new machine on January 1, 2017 for $5,616,600. At the time, management believed that the machine would last for ten years and that it could be sold for $1,011,000. On December 31, 2020, the company sold the equipment for $1,934,352. Assuming KWA Co. uses straight line depreciation, how much of a gain did it record at the time of the sale? (A 28) $460,560 $3,774,360 $0 $1,842,240
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