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Sheffield Corp. purchased machinery for $1141000 on January 1, 2017. Straight-line depreciation has been recorded based on a $79000 salvage value and a 5-year useful

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Sheffield Corp. purchased machinery for $1141000 on January 1, 2017. Straight-line depreciation has been recorded based on a $79000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2021 at a gain of $20500. How much cash did Sheffield receive from the sale of the machinery? $320100. $162100 $241100. $206000

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