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Required information [The following information applies to the questions displayed below.] In December of 20x4, Atlas Chemical Corporation sold a forklift for $18,300. The

Required information [The following information applies to the questions displayed below.] In December of 20x4, Atlas Chemical Corporation sold a forklift for $18,300. The machine was purchased in 20x1 for $80,000. Since then $59,200 in depreciation has been recorded on the forklift. 2. Compute the gain or loss on the sale. on sale:

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