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Mason Company purchased a new machine on February 1, 2015, for $33,000. At the time of acquisition, the machine was estimated to have a service
Mason Company purchased a new machine on February 1, 2015, for $33,000. At the time of acquisition, the machine was estimated to have a service life of ten years and a residual value of $6,000. The company employs the straight-line method of calculating depreciation. The machine was sold on August 31, 2021 for $6,000 cash. Calculate the loss recorded on the sale.
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