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On January 1, 2012,Sunland Companypurchased for $690000, equipment having a useful life of ten years and an estimated salvage value of $40200.Sunlandhas recorded monthly depreciation

On January 1, 2012,Sunland Companypurchased for $690000, equipment having a useful life of ten years and an estimated salvage value of $40200.Sunlandhas recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2020, the equipment was sold for $160000. As a result of this sale,Sunlandshould recognize a gain of?

$160000.

$0.

$95020.

$54820.

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