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Test: Test 7-9 Time Remaining: 01:19:45 Submit Test This Question: 1 pt 3 of 40 (1 complete)I This Test: 40 pts possible Question Help *

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Test: Test 7-9 Time Remaining: 01:19:45 Submit Test This Question: 1 pt 3 of 40 (1 complete)I This Test: 40 pts possible Question Help * Taylor Company purchased a machine for $9,800 on January 1, 2016. The machine has been depreciated using the straight-line method assuming it has a five-year life with a $1,400 residual value. Taylor sold the machine on January 1, 2018, for $7,600. The book value as of December 31, 2017 is $6,440. What gain or loss should Taylor record on the sale? OA. Gain, $800 O B. Loss,$1,160 OC. Loss, $520 D. Gain,$1,160

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