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King Company has decided to sell one of its machines on 30th June, 20X3. The machine was purchased for $200,000 on 1st January, 20X0, and

King Company has decided to sell one of its machines on 30th June, 20X3. The machine was purchased for $200,000 on 1st January, 20X0, and was depreciated on a straight-line basis for 10 years. If the machine was sold for $100,000, what was the amount of the gain or loss recorded at the time of the sale

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