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On January 1, 2019, Willis Publishing purchased the copyright from the author of a new book for cash of $50,000. It is expected that the

On January 1, 2019, Willis Publishing purchased the copyright from the author of a new book for cash of $50,000. It is expected that the book will have a shelf life of about 5 years with no expected residual value. On December 31, 2021, Willis sold the copyright to a movie producer for $100,000. Is there a gain or a loss on the movie rights sale? If so, how much?

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