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During the current period Big Lake Company sold land and equipment to Small Lake Company for a lump sum amount of $625,000. Assuming that the

During the current period Big Lake Company sold land and equipment to Small Lake Company for a lump sum amount of $625,000. Assuming that the equipment sold was the only equipment carried by Big Lake and the historical cost of the land is $220,000, what is the total gain or loss from this sale?

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