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On January 1, 2012, Swifty Corporation purchased for $660000, equipment having a useful life of ten years and an estimated salvage value of $42000. Swifty

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On January 1, 2012, Swifty Corporation purchased for $660000, equipment having a useful life of ten years and an estimated salvage value of $42000. Swifty has recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2020, the equipment was sold for $137500. As a result of this sale, Swifty should recognize a gain of $0. $33700. $137500. O $75700

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