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An asset was purchased for $36,000 on January 1, 2016. The estimated useful life of the asset was five years and its residual value was

An asset was purchased for $36,000 on January 1, 2016. The estimated useful life of the asset was five years and its residual value was $4,000. The straight-line depreciation method was used. 


Calculate the gain or loss if the asset sells for $18,000 on December 31, 2016, the last day of the accounting period.

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