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5 pts D Question 7 XYZ Company purchased a new machine on January 1, 2823 for $149,880. The machine had a 7-year life and a

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5 pts D Question 7 XYZ Company purchased a new machine on January 1, 2823 for $149,880. The machine had a 7-year life and a $5,600 salvage value assigned to it. The machine is being depreciated using the sum-of-the-years -digits method. XYZ Company sold the machine on December 31, 2825 for $20,00e0. Calculate the amount of the loss on the sale of the machine recorded by XYZ Company

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