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Raymond Company purchased machinery for $960,000 on January 1, 20X1. Straight-line depreciation has been recorded based on a $60,000 salvage value and a 5-year useful

Raymond Company purchased machinery for $960,000 on January 1, 20X1. Straight-line depreciation has been recorded based on a $60,000 salvage value and a 5-year useful life. The machinery was sold on May 1, 20X5 at a gain of $18,000. How much cash did Raymond receive from the sale of the machinery?

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