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Loma Linda, Incorporated sells a long-lived asset that originally cost $218,000 for $68,000 on December 31, 2021. The Accumulated Depreciation account had a balance of

Loma Linda, Incorporated sells a long-lived asset that originally cost $218,000 for $68,000 on December 31, 2021. The Accumulated Depreciation account had a balance of $119,000 after the current year's depreciation of $46,800 had been recorded. The company should recognize a: Multiple Choice $17,800 loss on sale. $96,400 loss on sale. $31,000 loss on sale. $31,000 gain on sale

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