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Procter & Gamble: Procter & Gamble sold equipment for $500,000 during the year ended December 31, 20X1. The equipment was initially acquired at a cost

  1. Procter & Gamble: Procter & Gamble sold equipment for $500,000 during the year ended December 31, 20X1. The equipment was initially acquired at a cost of $1,000,000, and had accumulated depreciation of $400,000 as of December 31, 20X0. Compute the gain or loss on the sale of equipment.

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