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Crane Ltd . has a December 3 1 year end. On April 2 , 2 0 2 4 , Crane purchased a piece of equipment

Crane Ltd. has a December 31 year end. On April 2,2024, Crane purchased a piece of equipment at a cost of $196,000. Crane's management estimated that this piece of equipment would have a useful life of five years and a residual value of $40,000. Crane uses the straight-line method for depreciating its manufacturing equipment.
If Crane sold the piece of equipment on June 30,2026, for $111,300, what amount of gain or loss would have to be recorded?

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