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Exercise 8-7 (Algorithmic) (LO. 6, 7) Jacob purchased business equipment for $114,300 in 2017 and has taken $68,580 of regular MACRS depreciation. Jacob sells the

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Exercise 8-7 (Algorithmic) (LO. 6, 7) Jacob purchased business equipment for $114,300 in 2017 and has taken $68,580 of regular MACRS depreciation. Jacob sells the equipment in 2020 for $51,435. What is the amount and character of Jacob's gain or loss? If an amount is zero, enter "O". Jacob has $ 1245 gain of $ and 1231 gain of $

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