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Field Equipment Inc. purchased equipment on Jan 1, year 207 costing $862,000 and expected a six year useful life and salvage value of $20,000. They

Field Equipment Inc. purchased equipment on Jan 1, year 207 costing $862,000 and expected a six year useful life and salvage value of $20,000. They use the straight line method. On Jan 1, 20x9, Field Equipment Inc. sold the equipment for $272,000. What is the gain or loss on sale of equipment? Report gain as a positive number. Report loss as a negative number

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