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Sheffield, Inc. has 8 computers which have been part of the inventory for over two years. Each computer cost $550 and originally retailed for

Sheffield, Inc. has 8 computers which have been part of the inventory for over two years. Each computer cost $550 and originally retailed for $940. At the statement date, each computer has a current replacement cost of $350. How much loss should Sheffield, Inc., record for the year? $4400. $1600. $2800. $2200.

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