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Apex purchased a piece of equipment on January 1, 2018 for $120,000 and expects to use it for 8 years. At the time of purchase,

Apex purchased a piece of equipment on January 1, 2018 for $120,000 and expects to use it for 8 years. At the time of purchase, the expected residual value was $4,000. On January 1, 2024, Apex sells the equipment for $35,000 cash. Indicate whether a gain or loss would be recorded on the sale of the equipment and calculate the value of such gain or loss.

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