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a company sells an asset for 800,000 which is its fair value in the market. its carrying amount in the SOFP was 700,000. They then

a company sells an asset for 800,000 which is its fair value in the market. its carrying amount in the SOFP was 700,000. They then contract with the purchaser to lease back for 120,000 per year, where the PV of the yearly payments is estimated to be 400,000. calculate the gain or loss on the sale of asset to be included in the right-of-use calculation

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