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Kansas Company purchased equipment that cost $25,000 with expected salvage value of $1,000. The asset is expected to have a six year life. The equipment

Kansas Company purchased equipment that cost $25,000 with expected salvage value of $1,000. The asset is expected to have a six year life. The equipment is being sold at the end of year 7 for $2,000. The company will record a: Not enough information to answer the question. $2,000 Gain $1,000 Loss $1,000 Gain

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