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The accumulated depreciation on a piece of equipment that was purchased for $300,000 totaled $280,000 at the time of its sale. The equipment is sold

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The accumulated depreciation on a piece of equipment that was purchased for $300,000 totaled $280,000 at the time of its sale. The equipment is sold for $30,000. Compute the dollar amount of the gain or loss on the sale and state clearly whether the amount represents a gain or a loss. You must show all Work for Credit

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