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A company sells a plant asset that originally cost $550000 for $260000 on December 31,2022 . The accumulated depreciation account had a balance of $220000

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A company sells a plant asset that originally cost $550000 for $260000 on December 31,2022 . The accumulated depreciation account had a balance of $220000 after the current year's depreciation of $55000 had been recorded. The company should recognize $15000 loss on disposal. $70000 loss on disposal. $290000 loss on disposal, $70000 gain on disposal

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