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leesburg sold a machine for $2,200 on November 10th of the current year. The machine was purchased for $2,600. Leesburg had taken $1,200 of depreciation
leesburg sold a machine for $2,200 on November 10th of the current year. The machine was purchased for $2,600. Leesburg had taken $1,200 of depreciation deductions on the machine through the date of sale. What is Leesburg's gain or loss realized on the machine?
$1,000 gain
$1,400 loss
$1,200 loss
$800 gain
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