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If equipment that cost $49,000 is sold in 2017 for $42,000, what amount of gain or loss will the company recognize for the sale? Mondale

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If equipment that cost $49,000 is sold in 2017 for $42,000, what amount of gain or loss will the company recognize for the sale?

Mondale Winery depreciates its equipment using the group method. The cost of equipment purchased in 2016 totaled $495,000. The estimated residual value of the equipment was $47,000 and the group depreciation rate was determined to be 15%

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