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Maks, Inc., uses straight-line depreciation for all of its depreciable assets. Maks sold a used piece of machinery on December 31 of this year that
Maks, Inc., uses straight-line depreciation for all of its depreciable assets. Maks sold a used piece of machinery on December 31 of this year that it purchased on January 1 of last year for $10,000. The asset had a five-year life, zero residual value, and $2,000 accumulated depreciation as of December 31 of last year. If the sales price of the used machine was $7,500, the resulting gain or loss upon the sale was which of the following amounts
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