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An asset was acquired on January 1, 2021, for $30,000 with an estimated four-year life and $3,000 residual value. The company uses straight- line depreciation.

An asset was acquired on January 1, 2021, for $30,000 with an estimated four-year life and $3,000 residual value. The company uses straight- line depreciation. Calculate the gain or loss if the asset was sold on December 31, 2023, for $10,300. Multiple Choice $3.550 gain $550 gain $550 loss $6.200 lossimage text in transcribed

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