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Corp7 sold used machinery with an original cost of $99,000 and accumulated depreciation of $53,000, receiving $20,000 from the buyer and the buyers non-interest-bearing note
Corp7 sold used machinery with an original cost of $99,000 and accumulated depreciation of $53,000, receiving $20,000 from the buyer and the buyers non-interest-bearing note due in full three years from today. If the loan reflects 3% interest, what amount of gain or loss should the company record on the machines disposal?
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