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An asset was acquired on October 1,2024 , for $78,000 with an estimated five-year life and $13,000 residual value. The company uses units-of-production depreciation and
An asset was acquired on October 1,2024 , for $78,000 with an estimated five-year life and $13,000 residual value. The company uses units-of-production depreciation and expects the asset to produce 20,000 units. Actual production was: 2024=500 units; 2025=3,000 units; 2026=3,500 units; 2027=1,000 units. What is the gain or loss if the asset was sold for $58,000 on March 31,2027? Multiple Choice $19.000 gain $12,500 gain $6,000 gain $11,200 gain
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