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Prepare the journal entries 3) On January 1, 2009, Waterway Industries purchased for $696000, equipment having a useful life of ten years and an estimated

Prepare the journal entries 3) On January 1, 2009, Waterway Industries purchased for $696000, equipment having a useful life of ten years and an estimated salvage value of $44400. Waterway has recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2017, the equipment was sold for $170000. As a result of this sale, Waterway should recognize a gain of ______?

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