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The Johnson Company bought a truck costing $35,000 two and a half years ago. The truck's estimated life was four years at the time of
The Johnson Company bought a truck costing $35,000 two and a half years ago. The truck's estimated life was four years at the time of purchase. It was accounted for using straight-line depreciation with zero salvage value. The truck was sold yesterday for $17,000. What taxable gain must be reported on the sale of the truck?
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