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On January 1, 2020, AIF Inc. acquired a machine at a cost of $600,000. The salvage value is $100,000. The machine had an estimated useful
On January 1, 2020, AIF Inc. acquired a machine at a cost of $600,000. The salvage value is $100,000. The machine had an estimated useful life of 8 years. AIF uses the straight line depreciation. On January 1, 2022, the first day of the third year (i.e., end of year 2), AIF sold the machine for $500,000 cash. What is the gain on sale of equipment?
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