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Lincoln sold a machine for $49,500. The company bought this machine for $120,000 seven years ago and was depreciating it on a straight-line basis over

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Lincoln sold a machine for $49,500. The company bought this machine for $120,000 seven years ago and was depreciating it on a straight-line basis over ten years to a $12,000 salvage value. a. What is the gain (loss) that Lincoln Company should report? b. Prepare the journal entry to record the sale of the machine

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