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On October 1, 2019, Sobriety Company purchased a building for $2,000,000 to open a bar there, expecting to use it for fifteen years. Sobriety uses
On October 1, 2019, Sobriety Company purchased a building for $2,000,000 to open a bar there, expecting to use it for fifteen years. Sobriety uses straight-line method to depreciate the building and estimates its residual value at $650,000. On August 1, 2022, Sobriety sold the building for $1,800,000. What is the gain or loss from the disposal? Identify whether it is gain or loss, and the amount. For example, the answer is $100,000 gain, then write down "$100,000 gain."
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