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Frank purchased a machine for $40,000 to be used in his business. The cost recovery allowed was $31,360 and cost recovery allowable was $36,480 for
Frank purchased a machine for $40,000 to be used in his business. The cost recovery allowed was $31,360 and cost recovery allowable was $36,480 for the three years the machine was used. If Frank sells the machine after three years for $26,000, what is the amount of his gain? a. $17,360 b. $8,640 c. $22,480 d. $3,520
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