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A piece of equipment with a cost of $ 1 0 , 0 0 0 and a useful life of 5 years is depreciated using

A piece of equipment with a cost of $10,000 and a useful life of 5 years is depreciated using the straight-line method. On the last day of the third year, the equipment is sold for $3,000. Using this information, compute the gain or loss on the sale of the equipment. Ignore salvage value.

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