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On January 1, 2018, Otis Inc. sells a machine for $25,400. The machine was originally purchased on January 1, 2016 for $45,700. The machine was
On January 1, 2018, Otis Inc. sells a machine for $25,400. The machine was originally purchased on January 1, 2016 for $45,700. The machine was estimated to have a useful life of 5 years and a residual value of $0. Otis uses straight-line depreciation. In recording this transaction: Multiple Choice a gain of $25,400 would be recorded. a loss of $20,300 would be recorded. a loss of $2,020 would be recorded. a gain of $2,020 would be recorded
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