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Bonita Industries purchased machinery for $1238000 on January 1, 2017. Straight-line depreciation has been recorded based on a $86000 salvage value and a 5-year useful

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Bonita Industries purchased machinery for $1238000 on January 1, 2017. Straight-line depreciation has been recorded based on a $86000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2021 at a gain of $24000. How much cash did Bonita receive from the sale of the machinery? $349600 O $263600 O $177600 O $225800

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