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A company sold equipment that originally cost $260,000 for $120,000 cash. The accumulated depreciation on the equipment was $140,000. The company should recognize a: $70,000

A company sold equipment that originally cost $260,000 for $120,000 cash. The accumulated depreciation on the equipment was $140,000. The company should recognize a:

  • $70,000 loss.

  • $120,000 gain.

  • $140,000 loss.

  • $0 gain or loss.

  • $70,000 gain.

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