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On January 1, 2013, Nelson Industries purchased a milling machine for $800,000. The machine had a 5-year useful life and $50,000 salvage value, and straight-line

On January 1, 2013, Nelson Industries purchased a milling machine for $800,000. The machine had a 5-year useful life and $50,000 salvage value, and straight-line depreciation has been recorded. Nelson sold the machine on May 1, 2017 at a gain of $15,000. How much was Nelson paid for the machine?

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