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A vehicle which cost $40,000 and has an accumulated depreciation of $37000 is sold for $5000. The resulting gain or loss is: a) Gain of

A vehicle which cost $40,000 and has an accumulated depreciation of $37000 is sold for $5000. The resulting gain or loss is:

a) Gain of $2000

b) Loss of $2000

c) Gain of $5000

d) Loss of $3000

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