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An asset was purchased for $35,000 on January1, 2019. Theasset's estimated useful life was fiveyears, and its residual value was $11,000. The straightline method of
An asset was purchased for $35,000 on January1, 2019. Theasset's estimated useful life was fiveyears, and its residual value was $11,000. The straightline method of depreciation was used. Calculate the gain or loss if the asset is sold for $22,000 on December31, 2019, the last day of the accounting period.
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