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PQRCorpsoldequipmentfor$40,000onJanuary1st,2023.Theequipmentwaspurchased for $100,000 and had accumulated depreciation of $50,000 at the time of sale. Calculate the gain or loss on the sale of equipment.

PQR Corp sold equipment for $40,000 on January 1st, 2023. The equipment was purchased for $100,000 and had accumulated depreciation of $50,000 at the time of sale. Calculate the gain or loss on the sale of equipment.

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