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Granite Stone Creamery sold ice cream equipment for $15,200. Granite Stone originally purchased the equipment for $88,000, and depreciation through the date of sale totaled
Granite Stone Creamery sold ice cream equipment for $15,200. Granite Stone originally purchased the equipment for $88,000, and depreciation through the date of sale totaled $70,000. What was the gain or loss on the sale of the equipment? Please include sale amount, less, cost of ice cream equipment, and book value.
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