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Equipment was acquired at the beginning of the year at a cost of $76,200. The equipment was depreciated using the straight-line method based on an

Equipment was acquired at the beginning of the year at a cost of $76,200. The equipment was depreciated using the straight-line method based on an estimated useful life of six year and an estimated residual value of $7,500. What is the depreciation expense for the fist year. Assuming the equipment was sold at the end of the year did $57,600 determine the gain or loss on the sale of the equipment.

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