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A firm acquired a $ 289000 machine that has a 7 year-life and a residual value of $ 37500 . Depreciation is calculated using the

A firm acquired a $289000 machine that has a 7 year-life and a residual value of $37500. Depreciation is calculated using the straight-line method. The machine is sold at the end of the 8th year for $38000. What is the gain or loss on the sale of this asset? (Input a gain as a positive and a loss as a negative

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