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Madison Company owned an asset that had cost $44,000. The company sold the asset on January 1, Year 4. for $16,000. Accumulated depreciation on the

Madison Company owned an asset that had cost $44,000. The company sold the asset on January 1, Year 4. for $16,000. Accumulated depreciation on the day of sale amounted to $32,000. Based on this information, the sale would result in

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