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Eagle corp exchanged an old machine with a cost of $ 9 0 , 0 0 0 , total accumulated depreciation of $ 5 0

Eagle corp exchanged an old machine with a cost of $90,000, total accumulated depreciation of $50,000, and a fair market value of $42,000 for a similar new machine. In addition to the trade in of the old machine, eagle corp also paid $15,000 cash. What amount of gain /loss should the company record for the old asset that was exchanged?

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