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On May 1, 2021, Sheridan Company sells office furniture for $308400cash. The office furniture originally cost $739600 when purchased on January 1, 2014. Depreciation is

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On May 1, 2021, Sheridan Company sells office furniture for $308400cash. The office furniture originally cost $739600 when purchased on January 1, 2014. Depreciation is recorded by the straight-line method over 10 years with a salvage value of $81400. What gain should be recognized on the sale? (Hint: Use 7.333333 for years used in calculation.) $51480.$102960.$21940$53980

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