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Please show all steps so I can fully understand how to solve. Thank you On December 31, 20x4, you purchase a building for $2842786. The
Please show all steps so I can fully understand how to solve. Thank you
On December 31, 20x4, you purchase a building for $2842786. The building's useful life is expected to be 40 years after which it will have a residual value of $306151. The diminishing balance method of depreciation is used at the rate of 6%. On December 31, 20x7, the building is sold for $2433007. What is the gain (loss) on sale of the building? Select one: a. $-219531 b. $326119 oc. $71834 O d. 5-196570 CheckStep by Step Solution
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